Saturday, September
4 2010
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Saturday, September
4 2010
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Announcing a new acquisition!!
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What's New at Forte for the year 2008 March 2008A - Get a Head Start on Tax Planning for 2008 By Forte News Department It’s
still a month until most of us will file our 2007 tax returns, but it’s a good
idea to keep in mind key tax changes that will affect our 2008 returns. Here are some of the highlights: Wider tax brackets: In one of the rare cases in life where inflation looks like a good
thing, all tax-bracket thresholds will be increasing. For a married couple
filing a joint return, for example, the taxable-income threshold separating the
15-percent bracket from the 25-percent bracket is $65,100, up from $63,700 in 2007. Personal exemption: The personal exemption – which you’re allowed to claim for yourself and
each dependent you have -- will go up $100 to $3,500 for 2008. Standard deduction: Single filers will see this deduction increase $100 from 2007 levels to
$5,450. Married couples filing jointly will see their standard deduction rise
to $10,950, $200 more, and the amount for heads of households who don’t itemize
will be $8,000, up $150. For married taxpayers age 65 and older, they’ll be
allowed to add $1,050 to the regular standard deduction – unchanged from 2007,
and singles will get an extra $1,350 compared to $1,300 in tax year 2007. Phase-out of itemized deductions: Taxpayers will start to see the
value of their itemized deductions go down after their taxable income exceeds
$159,950 in 2008. That’s $3,550 higher than in 2007. Retirement plan contributions: The contribution amount allowed for Roth IRAs begins to
phase out for joint filers with incomes exceeding $159,000 (up from $156,000 in
2007) and $101,000 (up from $99,000) for singles and heads of household. For
contributions to a traditional IRA, the deduction phase-out range for an
individual covered by a retirement plan at work begins at income of $85,000 for
joint filers (up from $83,000) and $53,000 for a single person or head of
household (up from $52,000). The annual contribution limit for most defined
contribution plans rises to $46,000, up from $45,000 in 2007. Hope education credit: The maximum Hope credit, available for the first two years
of post-secondary education, is $1,800, up from $1,650 in 2007. Energy breaks:
The federal government extended its credit on 30 percent of qualified solar
generators for residential use. The Kiddie Tax: The amount of investment income a child under age 19 -- or a full-time
student under 24 -- can earn before excess earnings are taxed at his or her
parents' rate will go up $100 to $1,800 in 2008. Tax-free parking and transit passes. Employers will be allowed to give
employees parking valued at $220 a month as a tax-free fringe benefit in 2008,
up $5 from 2007. March 2008 — This column is produced
by the Financial Planning Association, the membership organization for the
financial planning community, and is provided by David W. Henion, CPA, a local
member of FPA. | ||||||||||||||
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