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Tax Changes 2009
Standard Mileage rate is:
1. 55 cents per mile for business miles driven
2. 24 cents per mile driven for medical or moving purposes
3. 14 cents per mile driven in service of charitable organizations
Tax Changes 2008
1. Social Security maximum wage is increased to $102,000 from
$97,500
2. 401k and 403b employee maximum contributions remain at $15,500
3. 401k and 403b combined employee and employee contribution maximum increased to $46,000 from $45,000
4. Due to the AMT change for 2007, anyone filing one of the following tax forms CANNOT file until Feb 11, 2008:
- Form 8863 Education Credits
- Form 5695 Residential Energy Credits
- Form 8396 Mortgage Interest Credit
- Form 8859 District of Columbia First-Time Homebuyer Credit
- Schedule 2, Form 1040A
- Child and Dependent Care Expenses for 1040A Filers
Standard Mileage
If you drive your car for business, medical/moving or charity in 2008, you probably need to know:
The standard mileage rates for the use of a car (including vans, pickups or panel trucks) is:
- 50.5 cents per mile for business miles driven January-June 2008
- 19 cents per mile driven for medical or moving purposes and 14 cents per mile driven in service of charitable organizations
- Rate increase for July-December 2008 to 58.5 cents per mile
These rates in 2007 were 48.5 cents per mile, 20 cents per mile, and
14 cents per mile respectively for 2007.
TAX DEADLINES that are COMING:
October 2008
- Personal income tax filings due 10/15/08 if previously extended
- Trust tax filings due 10/15/08 if previously extended
November 2008
- 990 Form calendar year filers must file their return by 11/15/08 if previously extended
- 990 Form 6/30/08 fiscal year end filers must file their return by 11/15/08, or file for a 3-month extension
If you are going INTERNATIONAL and are NOT a Government Employee, there is an exclusion for income paid to you while working overseas. Talk to your accountant/tax preparer about whether you qualify.
Maximum Foreign Earned Income Exclusion Amounts by Year
- Tax year 2009: $91,400
- Tax year 2008: $87,600
- Tax year 2007: $85,700
Upcoming Tax Deadlines:
- 5500 Forms due July 31st
- Aug 15th is first extension deadline for Calendary year 990 form filers
more to come..
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