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Key Points
Interesting Articles
Key Points
In 2007, here are some of the KEY points you should be aware of::
* Standard Mileage Rates are $0.485 (48.5 cents) business miles driven, 14 cents a mile for the use of your vehicle for charitable, and 20 cents for moving and medical reasons. For 2008 standard mileage rates are yet to be announced. $0.505 (50.5 cents) business miles driven.
* Social Security Earnings Limits - For beneficiaries under age 65 and 10 months the limit is $12,690 or you loose $1 of benefits for each $2 earned over the limit amount. For those over age 65 and 10 months there is no earnings limit.
* Social Security Wage Base - The limit has been raised to $97,500 for 2007 and 102,500 for 2008.
* Tax Rates stay at 10%, 15%, 25%, 28%, 33% and 35% this year. The long term capital gains rate and qualified dividends rate is 15% (see chart below for rate tables).
* Retirement plan contribution limits for 2007/2008:
| |
Regular |
Age 50+ bonus |
|
| 401(k) |
$15,500 (same for 08') |
$5,000 |
|
| SIMPLE |
$10,500 (same for 08') |
$2,500 |
|
| IRA-Taxpayer |
$4,000 ($5,000 for 08') |
$1,000 |
|
| IRA-Non working spose |
$4,000 ($5,000 for 08') |
$1,000 |
|
Interesting Articles
We here at Hanna, Lemar & Morris, C.P.A.'s, P.A. feel that an informed client is our best customer. We know that there is a lot of information on the Internet and it can be tough to determine what is valuable. Below are a few good articles relating to frequently asked questions.
