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Welcome
to Julie Dhingra CPA website |
Let us help you take the deductions and credits legally available to you and show you how to plan transactions with tax consequences in mind. Relieve yourself of the work and worry of preparing your tax returns. We can share with you some of the tax saving opportunities that may be available to you. Below you can find out how to take steps now to reduce your taxes in the future. |
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JRDCPA NEWSLETTER |
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For Timely, Useful Tax, Business,
Financial Information and more… |
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HAVE ANY OF THESE HAPPENED
TO YOU LATELY?
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- New Home
- New Business
- Divorce or Separation
- Recent Wedding
- Newly Hired or Laid-off
- Graduation
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- Promotion
- Retirement
- Death in the Family
- Fiduciary Needs
- Raise in Salary
- New Baby
- Sale of Stock
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- Recently Exercised Stock Option
- Sale of Business
- New Relocation Requiring Multiple State Tax
Returns
- Setting Up an IRA, SEP-IRA, ROTH IRA, or Any
Retirement Plan
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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 RATE for business driving increases to 50.5¢ a mile.
- Rate for medical and moving mileage decreases to 19¢ a mile.
- Rate for charitable driving remains at 14¢ a mile.
- ESTATE TAX top rate remains at 45%, and the exemption
amount remains at $2 million.
- The ANNUAL GIFT TAX EXCLUSION remains at $12,000.
- 401(k) maximum salary deferral remains at $15,500
($20,500 for 50 and older).
- SIMPLE maximum salary deferral remains at $10,500
($13,000 for 50 and older).
- IRA contribution limit increases to $5,000
($6,000 for 50 and older).
- KIDDIE TAX threshold increases to $1,800 and now
applies up to age 19
(up to age 24 for full-time
students).
- NANNY TAX threshold increases to $1,600.
- TRANSPORTATION FRINGE BENEFIT limit increases to $115
for vehicle/transit passes and to $220 for qualified
parking.
- SOCIAL SECURITY taxable wage limit increases to
$102,000.
Retirees under age 65 can earn up to $13,560 without losing benefits.
- HOPE CREDIT maximum increases to $1,800.
- HSA CONTRIBUTION limit increases to $2,900 for individuals and to $5,800 for families. An additional
$900 may be contributed by those 55 or older.
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The fact that many large businesses outsource and continue to outsource suggests that, in many cases, outsourcing is successful in that it increases product quality, lowers costs substantially, or both. Click here for more >>
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