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Tax Blog Tax BlogSouthern Accounting and Tax Bureau With the deadline of Tuesday, April 15, 2008, approaching, many are scrambling to get all of those last minute documents together to file their taxes. Some things to remember is to make sure you have all of your documents together and have them organized so that your tax preparer has everything in hand. Its also wise to create a check list of your employers through out the year so that you can check them off to make sure you have received a W2 or 1099-MISC for that employer. This will save you from having to pay for an amended return later in the year. Another important fact to remember is that filing an extension by no means gives you an extension to pay your taxes. This only gives you a time extension to file your tax return. Thus if you think that you might be owing this year it would be wise to submit a payment with the extension to possibly avoid penalties and interest to incur. The 2008 HOT tax topic is the ECONOMIC STIMULUS TAX REBATE. You probably already know most of the details but I will give you the run down on what you will be receiving. Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. If you have meet all of those requirements and have performed them then the IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment. Did you know that the 2008 Economic Stimulus Act will provide tax benefits to businesses?? In addition to providing stimulus payments to individuals, the Economic Stimulus Act of 2008 provides incentives to businesses. These incentives will include a special 50-percent depreciation allowance for 2008 purchases and an increase in the small business expensing limitation for tax years beginning in 2008. If you should have any tax questions please contact me at Southern Accounting and Tax Bureau, 904-259-3225. I will be glad to assist you with any of your tax needs! Until next time, |
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