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December 2008
Issue: 16
Year-End Tax Planning
 
It's hard to believe but 2008 is coming to a close and tax season is right around the corner.  Even though you won't file your tax return until 2009, now is the time to start planning to ensure you won't be in for any suprises when you do file your 2008 Income Tax Return.  Typically, small business owners, higher income individuals, and anyone that had any significant changes in their tax situation during 2008 (i.e. started a business, saw a large income increase, marriage, etc) should review their income and deductions for 2008 to determine if they will owe tax or get a refund when they file their 2008 tax return.  An additional twist this year is a new President will be taking office in 2009 and will make some changes to the tax code in his first year that may affect you.  We can prepare a tax estimate for you this month and based on that estimate, you would have until the end of the year to take the necessary steps to lower your tax bill.  If you're curious what you can do before the end of the year to help your tax situation, we have included a couple articles in this newsletter with some year-end tax planning ideas.
 
Also, we are looking to hire a staff accountant to help us during our upcoming busy season.  If anyone knows anyone looking for some extra work during the next few months, feel free to contact us and we can provide you with additional information on the position.
 
I hope everyone has a wonderful holiday season and enjoy this months newsletter!
Year-End Tax Planning Checklist
 
We may have a new President-Elect, but taxpayers have a month to make certain moves that will help ensure tax savings when they file in April 2009.
 
Whether or not a child has a need for funds, an individual with sufficient means should consider making gifts to family members for tax savings.
 
 
While the sharp stock market decline has no immediate tax effect on pre-retirement-age taxpayers who invested their traditional IRAs or Roth IRAs in stocks and mutual funds, there are tax strategies for owners of traditional or Roth IRAs to consider.
 
In This Issue
Year-End Tax Planning Checklist
Making Gifts To Family Members Can Save Taxes
IRA Tax Strategies Given The Stock Market Decline
IRS Announces 2009 Standard Mileage Rate
Upcoming Tax Deadlines
 
The Internal Revenue Service today issued the 2009 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
 
 - 55 cents per mile for business miles driven
 - 24 cents per mile driven for medical or moving purposes
 - 14 cents per mile driven in service of charitable organizations
 

Upcoming Tax Deadlines

December 15th - Payroll deposits are due for monthly depositors
 
December 31st - End of 2008 tax year.  Last day to take advantage of tax planning opportunities for 2008.
 
January 15th - Final estimated tax payment due for individuals. 
 
Please let us know if there is anything we can do for you!!

Thomas R. Vetscher, CPA
John T. Vetscher, CPA

651-690-2250

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