The Latest News from James E Reynolds CPA
James E Reynolds CPA News
OUR OFFICE IS NOW CLOSED FRIDAYS TO CONSERVE GAS
Business mileage rate has been increased to 58.5 cents per mile effective July 1, 2008
Cell phone use is limited to hands free effective July 1, 2008
MIMIMUM WAGE has been raised to $8.00 on January 1, 2008!
ALTERNATIVE MINIMUM TAX - THE "SILENT KILLER" TAX. Congress finally temporarily patched AMT for inflation for income Tax Year 2007. But, they waited until so late that refunds will be delayed again this year!More and more Tax Preparers are sending their clients income tax return information to India. Tax preparers there are VERY inexpensive. U.S. CPA's simply scan in their clients' income tax information and the information is accessed overnight by the offshore workers. Completed returns are made available the next day for downloading and review by the CPA, who then presents them to clients as if the work had been done in-house. My main concern is that your information might be stolen to steal your identity. YOU CAN BE ABSOLUTELY ASSURED THAT I WILL NEVER SEND YOUR INFORMATION OUTSIDE THE USA TO BE PROCESSED!
• QUALIFIED TUITION (SEC 529) PROGRAMS)This information is still useful. Ask me if a 529 plan would fit your needs. • QUALIFIED TUITION (SEC 529) PROGRAMS)This information is still useful. Ask me if a 529 plan would fit your needs.JANUARY 1, 2006: KIDDIE TAX EXTENDED TO AGE 18 This means putting stocks and bonds in childrens names will be taxable at parents rates until the reach 18. The age was 14. Small amounts of investment income are under the limit.
Material Copyright © 2007 James E Reynolds CPA