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HALLIDAY & COMPANY is interested in helping you achieve your individual and business financial goals. Understanding basic financial and tax concepts will help prevent costly mistakes and allow you to operate as efficiently as possible. For this reason, we publish “ACCOUNT-ABILITY” as a resource of helpful information, which we hope, will benefit you personally and/or as a business owner. |
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E-Mail Halliday@hallidaycpa.com |
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This newsletter offers factual and up-to-date information on the subjects discussed, but should not be regarded as a complete analysis of these subjects. No party assumes liability for any loss or damage resulting from reliance or use of this material. |
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HAPPY HOLIDAYS! |
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Year 2008 Standard Mileage Rates |
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At this Holiday Season, our thoughts turn gratefully to those who have made our progress possible. Thank you and warmest wishes for the Holiday Season and the New Year. |
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The standard mileage rate is available to both employees and self-employed persons in computing deductions for car expenses. A taxpayer may use the standard mileage rate per mile as a deduction rather than keeping tract of actual vehicle expenses. Remember, that in addition to any of these mileage allowances, the cost of paring and tolls is deductible as an additional expense
Summary of year 2008 standard mileage rates:
Business 50.5 cents per mile Charitable 14 cents per mile Medical/ moving 19 cents per mile |
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Kiddie tax will affect more children in 2008 |
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The kiddie tax will affect a lot more children after this year. Kids under age 19 in 2008 will be hit, as will full-time students under age 24, if their earned income is less than half of their support. Under current law, a child’s unearned income over $1,700, including capital gains, is taxed at the parent’s highest marginal tax rate until the year the child is 18 |