Dear Monica,
This edition of the newsletter covers the benefits of the 2008 tax law changes, reviews what tax deductions are really saving you and explains the tax rebates. If you want more in-depth information about one of the newsletter articles or have a specific question, please call or e-mail us. Feel free to forward this newsletter to your family and friends that you think may benefit from reading it.
Lee Reams & Associates
Tax Deductions: How Much $$$ Are They Saving You? |
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Taxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer. The reason why the benefit cannot be determined simply is because some deductions are above-the-line, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deductible for alternative minimum tax purposes, while business deductions can offset both income and self-employment tax. In other words, there are many factors to consider, and the tax benefits differ for each individual, depending upon his or her situation.
Is Now The Time To Consider a Real Estate Rental Property? |
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Does the decline in real estate values present a business opportunity? Real estate rentals historically have been a popular long-term investment, and if you believe that this market eventually will rebound from its current slump, this may be the time to consider such an investment.
Plan Your Withholding & Estimates for 2008 |
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You may not realize it, but taking a few minutes to plan your estimated tax payments and/or proper withholding amounts for the year can actually insulate you from underpayment penalties in 2009.
Zero Capital Gains Rate in 2008 Requires Careful Planning |
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One of the greatest benefits of the tax code is the special tax rates that currently apply to gain recognized from the sale of capital assets held for more than a year (long-term). The special tax rates apply to virtually all capital assets including land, improved real estate, your home, and business assets in excess of the accumulated depreciation previously deducted.
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