2008 Tax Law Changes - What's In It For You?

Here are some highlights of the new tax laws that take effect this year:

FOR INDIVIDUALS:

>>A second chance at a rebate check if you didn't fully qualify when you filed your 2007 return.
>>Extension of the deduction for qualified tuition and fees.
>>Extension of the $250 deduction for unreimbursed classroom supplies paid by K-12 teachers.
>>Extension of the sales tax deduction for taxpayers who itemize (long-form).
>>A partial deduction for property taxes for taxpayers who aren't able to itemize.
>>A first-time homebuyer "credit" (which is really a no-interest loan that must be paid back over a 15-year period)


FOR BUSINESSES:

>>A 50% bonus depreciation for new assets purchased in 2008.
>>Section 179 depreciation expensing of up to $250,000 for assets purchased in 2008.
>>Higher first-year depreciation deductions on passenger automobiles weighing < 6,000 lbs.
>>Extension of 15-year (instead of 39-year) depreciation for qualified leasehold and restaurant improvements.


Don't forget - tax planning on January 1 won't help you with your 2008 taxes. Let us know if you need to talk strategy before year-end.