Tax Center
Miscellaneous Tax-Related Items
Record Retention
Use this guide to determine how long you need to keep your tax and other financial records.
2008 Tax Highlights
- Personal Exemptions - $3,500
- Mileage Rate for Business - 50.5¢ through July and 58.5¢ for the rest of 2008
- Reduction in Dividend Tax Rates
- Marriage Penalty Relief
- Reduction in Capital Gains Tax Rate
- Earned income credit changes for Joint Filers
- Standard Deductions
- Single - $5,450
- Married (Separate) - $5,450
- Married (Joint) - $10,900
- Head of Household - $8,000
- Inflation Adjustments widen the Tax Brackets
- Increased IRA Contribution Limits
2007 Tax Highlights
- Personal Exemptions - $3,400
- Mileage Rate for Business - 48.5¢
- Income Limits Up for Student Loan Interest Deduction
- IRA Contribution remains at $4,000 but is $5,000 if over age 50
- Income Limits Up for Hope and Lifetime Learning Credits
- Standard Deductions
- Single - $5,350
- Married (Separate) - $5,350
- Married (Joint) - $10,700
- Head of Household - $7,850
- Adoption Benefits Increasede
- Increase in Deductible Limits for Lont-Term Premiums
All of these topics are in my newsletter. If you would like a copy, please email me at: newsletter@depco.com and provide your name and mailing address.
Please Note: All information provided on this web site is general in nature. We do our utmost to ensure the accuracy, completeness, and timeliness of all information. However, no one should act upon this information without the appropriate professional advice. We would be happy to consult with you and thoroughly examine specific details of your situation.