NEWS

Upcoming Deadlines
January 18, 2011 4th Quarter Estimated Payments due January 31, 2011 4th Quarter and Annual payroll tax return deadline March 15, 2011 December Fiscal year end corporate tax deadline April 1, 2011 Deadline to have information to our office for April Filing April 18, 2011 Last day to file extensions for 2010

News & Changes for 2008

Charitable Contributions must have substantiation, a receipt, credit card statement or canceled check
Social Security earnings limit for 2008 $102,000.00
Kiddie tax now includes children through age 18, and students ages 19-23 beginning in 2008
See below for some of the 2008 thresholds and changes

	Filing Status	Standard Deduction	Over 65 or Blind
	MFJ, QW	$10,900	$1,050 (each)
	HOH	$8,000	$1,350
Standard Deduction	Single	$5,450	$1,350
	MFS	$5,450	$1,050
	Children	greater of $900 or earned income +$300

	Filing Status	Phaseout begins at AGI of
Itemized Deduction	MFJ, QW, HOH or Single	$159,950
Phase out	MFS	$79,975

	Filign Status	AGI - Phaseout range
	MFJ, QW	$239,950 - $362,450
Personal Exemption	HOH	$199,950 - $322,450
Phaseout	Single	$159,950 - $282,450
	MFS	$119,975 - $181,225

	# of Qualifying Children	Earned Income / AGI	Maximum Credit
		Less than
	0	$12,880 ($15,880 MFJ)	$438
Earned Income Credit	1	$33,995 ($36,995 MFJ)	$2,917
	2 or more	$38,646 ($41,646 MFJ)	$4,824
	NOTE: Investment income limit = $2,950

Tax Planning

Retirement accounts are a powerful tax planning tool. There are many different types of retirement accounts that allow you to set money aside tax deferred for retirement. Please see our retirement options page for more detailed information on the different types of retirement accounts available and the different rules that apply to them, and the maximum contribution limit for each plan type. If you would like more information on retirement planning, or a referral to a financial planner, please call our office.