We hope your 2007 has been filled with close family, good friends and great joy.  As we prepare for the approaching tax season, our staff at Fullerton Business Service is mindful of our primary mission: to help our clients with accurate tax preparation.  We desire to build and preserve wealth for our clients using our knowledge of tax laws and utilizing tax saving strategies tailored to each individual.  We believe that we offer these services with a value-oriented fee structure, and always hope we can provide more service than is expected.

In respect to the current tax season, The Small Business And Work Opportunity Act of 2007 was the major piece of tax legislation enacted by Congress.  The most significant benefit to taxpayers from this bill was an increase to $125,000 of Section 179 expensing provisions for small business property investment.  In addition, existing provisions continue to adjust amounts and effective dates regarding tax rates/rules, income phase-ins/phase-outs, and credits/deductions.  The rules for California income taxes also require attention to detail, as our state lags several years behind in conforming to federal law, especially in regard to tax deductions.

Finally, on an ominous note, there is a looming increase in the Alternative Minimum Tax (AMT).  As of the writing of this copy, if Congress does not pass a new law as promised, approximately 50 million taxpayers are expected to fall into or incur a greater AMT tax in 2007.  Many of you in the middle class already pay this tax, which was originally designed to only impact the super wealthy.

As you can see, the tax landscape continues to be complex an varied.  We certainly appreciate the opportunity to prepare your income taxes again.  As in the past, most returns will be electronically filed at no additional charge.  Electronic filing continues to provide more security, more convenience and more rapid processing.

Do not delay, schedule your 2007 tax appointments soon!