Tax Pro Plus
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Dear Valued Client,
Tax Pro Plus
This month's newsletter covers many topics, including the new mileage rates for the last half of the year. In addition, it discusses the IRS's efforts to reach qualified retirees and disabled veterans who have not yet filed for their economic stimulus payments. These payments were intended to help those struggling in this economy.
For more information on any of the topics included here, please call our office. We can assist you throughout the year.
Tax Pro Plus
IRS Launches Summer Push to Reach Retirees and Disabled Veterans Who Have Yet to File for Their Economic Stimulus Payments
Millions of retirees and disabled veterans qualify for the economic stimulus payment but have not filed to claim it. Statistics indicate about 74 percent in this group are accounted for in the stimulus payments currently being sent, leaving about 5.2 million potential recipients remaining. Later this summer, the agency will send them a special letter that explains stimulus payment eligibility and how to claim it.
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New Credit for Small Business Employers That Pay Active Duty Differential Wages
The recently-enacted Heroes Act creates a new tax credit for eligible small business employers that pay differential wages to qualifying employees who are performing service in the uniformed services while on active duty for a period of more than 30 days. The credit is equal to 20% of up to $20,000 of differential pay to each qualifying employee during the tax year, but only for payments after June 17, 2008 and before 2010.
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IRS Bumps Mileage Rates for Last Half of Year
The Internal Revenue Service recently announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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Raising Cash in Tough Times
The ongoing housing and mortgage market mess, struggling stock market and uncertain economic climate means tough times for cash-strapped individuals who have to raise money for an immediate financial need. Compounding the misery is the fact that many people have locked away the lion's share of their savings in a tax-favored retirement vehicle, like a company profit-sharing or 401(k) plan, IRA, SEP, SIMPLE IRA, or Roth IRA. Getting to that money to solve a pressing financial crisis before age 59-1/2 isn't easy and can be financially painful.
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Interest Rates Drop for the Third Quarter of 2008
The Internal Revenue Service announced that interest rates for the calendar quarter, beginning July 1, 2008, will drop by one percentage point.
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Wonder What Your Odds of Being Audited Are?
In recently-released data, the IRS released the audit statistics for return audit for the IRS fiscal year 2007. It provides information about how many returns are being audited and where the IRS is focusing their enforcement activities.
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A New Twist for Your Favorite Game Show
We all have our favorite game shows such as Wheel of Fortune, The Price is Right, or Deal or No Deal, and we love to have the contestants win big. Often, the game show host will ask the contestants what they would do with the money. The response is usually to go on vacation or buy a house or car.
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Automobile Charitable Contributions Sharply Decline
The IRS maintains very detailed statistics regarding various items included on tax returns. These statistics are generally released two years behind. In a recent bulletin, the IRS provided statistics relating the drop in the number of individuals claiming a deduction for donating their car to charity, as well as a substantial drop in the values claimed for the vehicles.
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The Tax Pro Plus newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Tax Pro Plus, go to http://www.taxproplus-la.com. This message was sent using ClientWhys Persyst. View our permission marketing policy.
Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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