Reap the Benefits of the 2008 Tax Law Changes |
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It is rather difficult to stay on top of your taxes, considering all of the changes going into effect this year - and with Congress working on more provisions. To simplify it all, here is a rundown of most changes that will affect individuals and small businesses in 2008.
Big Business Write-Offs Available In 2008 |
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Section 179 of the tax code allows taxpayers to elect to treat any portion of the cost of qualified business property as an expense deduction for the tax year in which the Section 179 property is placed in service - instead of having to capitalize the expense and recover the cost over several years.
Plan for Bigger Auto Deductions In 2008 |
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When you use a vehicle for business purposes, the business portion of the operating expenses can be deducted on your self-employed business or, if you are an employee, as a miscellaneous itemized deduction. The tax code provides two possible options: using the standard mileage rate or using actual expenses. For vehicles purchased and placed into service during 2008, the recent Economic Stimulus legislation and inflation adjustments substantially increase the first-year write-offs for business use.
Are you expecting a refund and wondering where it is? If you owe back taxes, child support, or have a student loan balance, etc., the refund may have gone there. Otherwise, the IRS has a tool on their website that can track down your refund.
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