Do you have a long list of business books that you want to read but just never have the time to get to them. I know I do...or did...until I found Executive Book Summaries
They provide eight page summaries of all the great business books. You can buy them individually or sign up for an annual subscription.
Click on the link below to figure out how much your tax rebate check will be:
Tax Rebate Calculator - Kiplinger.com
THE KIPLINGER TAX REBATE CALCULATOR
How much will you get from Uncle Sam?On Feb. 13, President Bush signed into law a multi-billion dollar economic stimulus package that includes tax rebates for millions of American taxpayers. It will take months for the U.S. Treasury to churn out $120 billion in rebate checks. In fact, since the rebates will be based on 2007 tax returns, the first checks won’t go out until weeks after the April 15 tax filing deadline.
While you wait, savor the coming largesse by calculating just how much stimulus you can expect.
The Kiplinger Tax Letter did a great summary of where the Presidential candidates stand on tax issues...it is a great newsletter if you want to keep up with what is going on with taxes in Washington
Kiplinger.com: The Kiplinger Tax Letter
On individual income tax rates:On investments:
- Clinton and Obama would raise rates on high-incomers, probably those making over $250,000.
- Clinton wants to reinstate the 39.6% top rate that applied in the 1990s.
- She and Obama would preserve Bush's tax cuts for other taxpayers... the higher child tax credit and marriage penalty relief, for example.
- McCain vows that he'll fight to retain the lower rates for all filers.
The alternative minimum tax:
- McCain would keep the 15% maximum rate on dividends and gains.
- Clinton would allow the top rate on gains to return to 20%.
- Obama wants a rate near 25%.
- Both Clinton and Obama would tax dividends as ordinary income.
Estate tax:
- McCain supports repealing the tax.
- Clinton and Obama would keep the AMT from hitting middle class filers, but Obama says that he'd increase other taxes to make up the lost revenue.
Corporate taxes:
- The current $2 million exemption is set to rise to $3.5 million in 2009. Clinton favors retaining that figure after 2009.
- McCain wants to increase the exemption to $10 million and cut the top rate to 15%.
- Obama opposes full repeal but hasn't offered any specifics.
Health care:
- McCain wants to lower the current 35% top rate to 25%.
- Clinton and Obama both oppose tax rate cuts for corporations and would raise revenue by closing "loopholes" used by oil and gas firms.
Huckabee has a different plan. He'd levy a 30% national sales tax to replace the individual income tax, corporate tax, estate and gift taxes plus Social Security and Medicare taxes. Nearly all sales would be taxed, including sales of new homes, services and purchases made by governments. Monthly rebates would go to all taxpayers to help offset their tax burden. IRS would be abolished. States would get the option to collect the tax. If they declined, the feds would step in and monitor the revenue stream.
- Clinton would limit the current income tax exclusion of employer-provided coverage for upper-incomers and would give a credit to low-incomers to buy insurance.
- McCain would eliminate the exclusion for everyone and replace it with a credit of up to $5,000 to buy coverage.
- Obama would tax employers that don't offer meaningful coverage to workers.
Most of the talk about the most recent tax legislation just signed by President Bush focuses on the tax rebates for individuals...there were also two "gifts" for small businesses to help stimulate the economy...
If you receive the following email DO NOT FALL FOR THIS SCAM:
Online Refund Form
After the last annual calculations of your fiscal activity we have determined that you are eligible to receive a tax refund under section 501(c) (3) of the Internal Revenue Code. Tax refund value is $375.20. Please submit the tax refund request and allow us 6-9 days in order to IWP the data received. If u don't receive your refund within 9 business days from the original IRS mailing date shown, you can start a refund trace online.
* If you distribute funds to other organization, your records must show wether they are exempt under section 497 (c) (15). In cases where the recipient org. is not exempt under section 497 (c) (15), you must have evidence the funds will be used for section 497 (c) (15) purposes.
* If you distribute fund to individuals, you should keep case histories showing the recipient's name and address; the purpose of the award; the maner of section; and the realtionship of the recipient to any of your officers, directors, trustees, members, or major contributors.
To access the form for your tax refund, please click here
This notification has been sent by the Internal Revenue Service, a bureau of the Department of the Treasury.
Sincerely,
Kirsten Mailow Director, Exempt. Organization Rulings and Agreements Letter Internal Revenue Service
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Note: ▪ If you received this message in your SPAM/BULK folder, that is because of the restrictions implemented by your ISP ▪ For security reasons, we will record your ip address, the date and time. ▪ Deliberate wrong imputs are criminally pursued and indicted.
© Copyright 2008, Internal Revenue Service U.S.A.
News from the Internal Revenue Service
As an additional security measure, EFTPS online will increase the complexity of passwords beginning February 7, 2008.
We recommend that you change your passwords based on the following guidance at your earliest convenience:
Passwords must be 8 to 12 characters long, composed of the following character types:
- Uppercase Alpha (A, B, C, etc.),
- Lowercase Alpha (a, b, c, etc.),
- Numeric (1, 2, 3, etc.) or the following Special Characters (!, @, #, $,*, +,-).
Each password must contain UPPERCASE AND LOWERCASE ALPHA CHARACTERS, and at least one character that is either a Numeric or a Special Character.
To change your password, visit the My Profile Internet Password Management page.
The IRS has issued the 2008 standard mileage rates for determining the deductible costs of operating a vehicle. For 2008, the mileage rate is 50.5 cents per mile for business use, 19 cents per mile for medical or moving purposes, and 14 cents per mile for service to a charitable organization.
Congress recently enacted legislation allowing a 50¢ per gallon tax credit for companies using propane in forklifts. Even though forklifts are normally exempt at the time of purchase from the federal excise tax on propane, they are still eligible to claim the 50¢ per gallon credit for business use.
The forklift user must first register with the IRS by filing Form 637 with the IRS to register as an "Alternative Fueler." The IRS may perform an onsite inspection of taxpayers who file the Form 637 to make sure they qualify for the credit. Once the registration is approved, the business can file the claim for the credit with its annual federal income tax return.
The 2008 social security wage base is $102,000. This is an increase of $4,500. Make sure your payroll system gets updated. As always, there is no limit on the wages subject to the medicare tax.
Time really does fly. I have not posted anything here since October. Attached is a construction inflation alert from the Association of General Contractors. It is dated October 2007 and provides an economic forecast for 2008.
Download cia08.pdf
