Notices & News - Currently...
It's Tax Planning Time! ---Especially if you think you'll owe.
December is the month for tax planning. If you feel you're going to have a major tax liability for 2008, please get the data to us ASAP so we can do the projections and consider options to reduce your taxes.
New Economic Act of 2008
The new act restored your ability to donate a portion of your IRA to your favorite charity to a maximum of $100,000. If you're over 70½ and want to reduce your required minimum distributions, this is a good way to lower your tax bill for future years.
Also, folks who ride bicycles to work are now entitled to a $20 per month fringe benefit from their employer.
And finally, the sales tax deduction is back!
Milage Deduction Increase.
The IRS raised the mileage deduction rate for business to 58.5¢, effective July 1, 2008.
Do you have a foreign bank or brokerage account valued over $10,000?
You have until June 30th to file a Report of Foreign Bank and Financial Accounts (FBAR), US Treasury form TD F 90-22.1. It's a simple form requiring only the most basic information. FBAR forms and instructions are available at IRS.gov or the FinCEN Web site
The Tougher, Rougher IRS--- You've been warned.
The IRS is getting much stickier on all tax issues. The reasons? First, Congress mandated they close the tax gap. Second, their computer system has been greatly improved; very little gets through without notice.