We have again increased our client basis this past year which makes appointment time limited. We encourage you to mail or drop off your tax information. If you prefer an appointment please call at your earliest convenience. We expect no more than a seven day turn around time on all returns when provided with complete information.


There is now a deduction for pre-paid mortgage insurance! PMI is imposed when mortgages are written and less than a 20% down payment is made on the home. New law allows a deduction for a prorated amount of PMI that may be deducted much like mortgage interest. (Income limitations apply).
……also good news for taxpayers facing foreclosure on their homes. The Mortgage Forgiveness Debt Relief Act of 2007 excludes cancellation of debt income up to $2,000,000.


Previously the kiddie tax, which taxes certain unearned income of children at the parent’s marginal rate, applied to children under age 14. Starting in 2006 the age was raised to children under 18 and now tax years beginning after May 25, 2007, the kiddie tax is expanded to include full time students ages 19 through 23 in some circumstances.


As of January 1, 2007, No deduction is allowed for any contribution of cash, check, or other monetary gift unless the donor can show a bank record or a written communication from the charity indicating the amount of the contribution, the date the contribution was made, and the name of the charity. The IRS will no longer accept just a logbook or written list from the taxpayer.


FYI: A Few Facts & Figures

Millage Rates:   Tax Year   2007 2008 Business 48.5 50.5 Charitable 14.0 14.0 Medical 20.0 19.0 Moving 20.0 19.0

Exemptions & Deductions Tax Year   2006 2007 2008 Personal Exemptions $3,300 $3,400 $3,500   Standard Deductions (MFJ) $10,300 $10,700 $10,900   Standard Deductions (SNGL) $5,150 $5,350 $5,450   Standard Deductions (HOH) $7,550 $7,850 $8,000   Standard Deductions (MFS) $5,150 $5,350 $5,450   Child Tax Credit (subject to income limitations) $1,000 $1,000 $1,000