As you prepare for the upcoming tax year, I thought you might find this brief rundown of 2008 tax changes useful. * ADOPTION TAX CREDIT increases to $11,650 for adoption of an eligible child. * SECTION 179 maximum deduction increases to $128,000. Phase-out threshold increases to $510,000. * STANDARD MILEAGE…
On December 26, 2007, President Bush signed the “Tax Increase Prevention Act of 2007,” providing a one-year “patch” to the alternative minimum tax (AMT). Without this legislation, an estimated 25 million taxpayers would have had to pay an average of $2,000 in additional taxes for 2007. The new law increases…
Has it been awhile since you filed a tax return? Feeling guilty? Scared? Don’t know what to do? Do you even need to file? Many people become non-filers each year for a number of reasons. They lose the paperwork, they couldn’t pay, or they forgot about it. Sometimes illness, family…