IRS RAISES STANDARD MILEAGE RATESWith gas prices soaring, the IRS has announced an increase in the standard mileage rates that taxpayers can use to deduct the cost of driving for business, medical services, or moving.BUSINESS. Effective for driving from July 1 through December 31, 2008, the
Note the recordkeeping requirements for charitable contributions
Are you drawing up your year-end charitable contributions list? After you check it twice, add a reminder to gather the paperwork required to claim a gift for yourself: an itemized tax deduction.Here are four tips: Remember the new rules for cash donations. You'll need a written record to deduct
Year-End Tax Strategies for Investors
Here's a recipe for holiday cheer: Sweeten your year-end portfolio update with tax savings. Just remember to start planning now to achieve the best result.Here are strategies that can help:Wash sales. Thinking of selling a security before December 31 to take advantage of a capital loss? To
Year-End Tax Savings For Individuals
"Countdown" time is here again, with reminders everywhere pointing out how many days are left until anticipated events. While you're marking your calendar, remember that countdown time is great for tax planning, too, because it means you can still implement strategies to reduce your tax bill.Here
Year End Tax Planning for Small Businesses
There are no time machines, so you can't come back to today from the future. That's one reason planning ahead is important — and why now is the time to think about what you can do before the end of the year to trim your business tax bill.Here are three suggestions: Take advantage of energy
Capital gains rate starts at zero in 2008.
You already know the federal tax rate on capital gains varies, depending on your tax bracket, the kind of property you sell, and how long you owned it.But are you aware that starting next year some capital gains won't be taxed at all?From 2008 through 2010, if your taxable income falls within