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Tax Rates |
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YEAR 2007/2008 STANDARD MILEAGE RATES |
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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.
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E-Mail brent@hallidaycpa.com |
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2007 |
2008 |
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Business |
48.5 cents |
50.5 cents |
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Charitable |
14 cents |
14 cents |
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Medical/Moving |
20 cents |
19 cents |
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STANDARD DEDUCTION 2007 |
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>65 |
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Married filing jointly/surviving spouse |
$10,700 |
$1,050 |
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Married filing separately |
$5,350 |
$1,050 |
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Head of household |
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$7,850 |
$1,300 |
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Single |
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$5,350 |
$1,300 |
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STANDARD DEDUCTION 2008 |
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>65 |
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Married filing jointly/surviving spouse |
$10,900 |
$1,050 |
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Married filing separately |
$5,450 |
$1,050 |
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Head of household |
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$8,000 |
$1,350 |
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Single |
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$5,450 |
$1,350 |
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SCH A PHASE OUT 3% |
2007 |
2008 |
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All returns |
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$156,400 |
$159,950 |
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AGI greater than the above are times by 3% and |
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reduce total itemized deductions, reduction can't be |
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greater than 80% of allowable deductions. |
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Complete |
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EXEMPTION PHASE OUT |
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Phase-out |
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Single |
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$156,400 |
$159,950 |
$282,450 |
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Joint |
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$234,600 |
$239,950 |
$362,450 |
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Head of household |
$195,500 |
$199,950 |
$322,450 |
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Married filing separate |
$117,300 |
$119,975 |
$181,225 |
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Exemption is reduced by 2% for each $2,500 or |
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fraction thereof by which AGI exceeds the threshold |
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amount. |
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