News

IRA Contributions

The maximum contribution increases to $5,000 (from $4,000).
The catch-up contribution for taxpayers over age 50 remains
$1,000. The maximum contribution amount will be indexed for
inflation after tax year 2008.

Department of Transportation (DOT) 'Hours of Service'
Limits
The DOT ‘hours of service’ limits for meal expenses increases to
80% (from 75%) for 2008.

Capital Gain Tax Rates
The 5% rate drops to 0% for 2008 through 2010.
The five-year property rates (8% and 18%) have been repealed
until 2009.

Changes for Future Tax Years
Personal Exemption Phase-out
The personal exemption phase-out will be eliminated for tax years
beginning after December 31, 2009.

Itemized Deduction Phase-out
The overall limitation on itemized deductions will be eliminated for
tax years beginning after December 31, 2009.

Child Tax Credit
The Child Tax Credit is scheduled to expire after tax year 2010.

Dividends
The application of capital gains tax rates to qualified dividends
expires on December 31, 2010.
http://dor.myflorida.com/dor/

Santos Associates, FEDERALLY AUTHORIZED TAX
PRACTITIONERS, can help you with your accounting, tax
and financial planning needs. Call today for an appointment &
consultation. We are not attorneys, we can refer competent
council upon request.