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Tips |
Beginning Jan. 1, 2008, the standard mileage rates for the use of a vehicle are: 50.5 cents per mile for business miles driven; 19 cents per mile driven for medical or moving purposes; and 14 cents per mile driven in service to a charitable organization. The maximum amount of earned income subject to the Social Security tax rises to $102,000 for 2008 from $97,500 in 2007. The foreign earned income exclusion rises to $87,600 in 2008 from $85,700 in 2007. This applies to American taxpayers who live and work in other countries. In 2008, taxpayers may invest $5,000 in a Traditional or Roth IRA and $15,500 in a 401k. Taxpayers, age 50 and over, may invest $6,000 in a Traditional or Roth IRA and $20,500 in a 401k. Please call for more details. |
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