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Looking Ahead into 2008
Personal Tax Issues
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Mortgage Insurance premiums (PMI) can be
deducted as interest on new loans from 2007 through 2010 |
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There is no more Residential Energy Tax
Credit after 12/31/2007, with the exception of Solar, and Fuel Cells. |
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AMT – The alternative minimum tax issue is
still up in the air. Will it change or will there be another patch? |
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Go Zone
– You can take a 1st year write-off up to 50% of the purchase
price of residential or non-residential rental property within the areas
damaged by hurricanes Katrina, Rita, or Wilma through 2008. This is extended
through 2010 for specified counties and parishes in which 60% or more of the
homes were destroyed. |
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The Capital Gains Tax is now 0% for
taxpayers in the 15% tax bracket. This is good through 2010 so it may be a
good time to sell appreciated capital assets such as stock. |
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Economic Stimulus Payments – You can
calculate your refund and check the status at
www.irs.gov. |
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The maximum IRA limit is now $5,000 ($6,000
if over age 50). |
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The maximum 401K limit is $15,500 ($20,500
if over age 50). |
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Health Savings Accounts – If you currently
pay for your own private health insurance, are not able to deduct your
medical expenses, and don’t have a Health Savings Account, you are missing
out on a great tax savings option. |
Business Tax Issues
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100% Health Insurance Deduction for S-Corp
Officers – The deduction is back, but must be reported correctly to get the
full write-off. We have amended a few 2007 returns where the deduction was
not taken. |
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New Penalty for late filing of S-Corp and
Partnership Returns $85 per month per shareholder for up to 12 month’s. |
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Bonus Depreciation – The recent Stimulus
package includes the return of 1st year 50% bonus depreciation on
business assets. This means if your business already has a loss it may be
increased by the amount of bonus depreciation. This is an advantage over the
full write off under Section 179 which cannot be used to add to a loss. |
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LLC vs. Corporation – Recent developments
have made the LLC easier to maintain than a corporation. An LLC can also
elect to be taxed as a corporation and make the S-Corporation election. |
Professional Services
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Paid Professional tax preparation and e-filing (1040EZ, 1040A, 1040). |
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Corporate tax preparation (1120, 1120-S, 1065). |
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Accounting Services (Monthly, Quarterly, and Weekly Controller Outsourcing). |
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Payroll Service (Semi-Monthly, Monthly, and Quarterly). |
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Financial Services (Visit our Financial Services Home Page). |
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Prior Year tax problems including preparation, representation, and offers in compromise. |
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Tax Consulting
proactive tax planning runs from January 1st through December 31st. |
E-Filing Services
| Join the
70 Million People Who Already Know e-file is the Way to Go !
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| Get your refund in half the usual time -
even faster with Direct Deposit - using IRS online e-file. Prepare your return and file it with the IRS electronically. File your State return simultaneously. It's fast, accurate, and secure with proof of delivery within 48 hours - It's paperless
too!
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| Do you owe taxes? Get the benefits of IRS e-file and delay your direct debit or credit card payment until April 15th.
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| Extended season e-filing from
Mid January 2008 thru October 15, 2008.
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Our Mission
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To file 90% or more of all tax and information returns
electronically.
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To offer secure, accurate, and affordable accounting, tax and related services to individuals and small business owner's across the United States of America. |
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To integrate the latest technologies in order to improve the quality of life.
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To renew integrity and trust in the professional accounting and tax industry.
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Larry Walker, Jr. - Enrolled Agent
Authorized IRS e-file Provider
 
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