News
- Are
you starting a new business, or are you buying an existing business,
if so, we can assist you in determining the proper entity for your
new business.
- Are you aware that your business may be eligible for a credit by
starting a new qualified employee retirement plan? Ask us how.
- Due to
the increase in gas prices the standard
mileage allowance was changed from 50.5 cents to 58.5 cents per mile
effective July 1, 2008.
- The
maximum amount of wages subject to social security taxes is $106,800
for 2009.
- Maximum
IRA contribution for 2009 is $5,000, for individuals over the age of
50 and additional contribution of $1,000 is allowed.
- Please
call us for other important tax law changes effective in 2009.
- Annual
gift tax exclusion is $13,000 for 2009, or $26,000 if your spouse
consents to "split" the gifts. For 2008, the rate is
$12,000 for single taxpayers and $24,000
for married filers electing to gift-split.
-
Don't
forget to read Tom Stemmy's "Top Tax Saving Ideas for Today's
Small Business" fifth edition now available at your local bookstore.
- Could that new vehicle you bought be eligible for a tax deduction, ask
us about which models may qualify.
- Which college savings plan is right for you - we have the answer.
- When should you sell that stock...we can run accurate projections
to minimize you tax bill.
- These are just a few questions and problems we can help you
with. Call us today for an appointment.
2009
Pension Plan Amounts
-
Maximum
defined benefit limit is $195,000.
-
Maximum
elected deferral for 401(k)/403(b) is $16,500.
-
Maximum
defined contribution limit is $49,000.
-
Simple
retirement account elective deferral is $11,500.
Emergency
Economic Stabilization Act
-
Extends
home mortgage debt issues.
-
Amt
relief for 2008.
-
Brokers
are required to report basis in security transactions for securities
acquired.
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