Economic Stimulus Act of 2008

In an effort to stimulate the economy, the federal government is offering rebates to many citizens of the United States.  These rebates will be computed on the basis of tax returns filed for 2007.

• Rebates in the amount of $600 for individuals and $1200 for joint filers will be issued beginning in May of 2008 by the U.S. Treasury to middle income taxpayers.  The rebate will phase out at a rate of 5% of AGI above $75,000/$150,000 for joint returns.  Joint filers will not be awarded the rebate if they make $174,000 or more, nor will single filers receive a rebate when earning more than $87,000.

• $300 ($600 for a joint return) will be awarded to low income wage earners and those on social security and veterans with disability payments or survivors of disabled veterans.

• Additionally, $300 will be awarded for each qualifying child for whom a child tax credit can be claimed.  This will be for dependent children age 17 or younger at the end of the year.

 IRS Announces 2008 Standard Mileage Rates

• 50.5 cents per mile for business miles driven effective Jan. 1, 2008 to June 30, 2008; increased  to  58.5 cents per mile effective July 1, 2008 to December 31, 2008

• 19 cents per mile driven for medical or moving purposes effective Jan. 1, 2008 to June 30, 2008; increased to 27 cents per mile July 1, 2008 to December 31, 2008

• 14 cents per mile driven in service of charitable organizations

IRS Announces 2009 Standard Mileage Rates

• 55 cents per mile for business miles driven effective Jan. 1, 2009

• 24 cents per mile for medical or moving purposes effective Jan. 1, 2009

LISTED BELOW ARE A FEW DOCUMENTS THAT PEOPLE COMMONLY WANT TO KNOW HOW LONG TO KEEP:

Profit and Loss Statements --- Permanently
Payroll register -- Seven years
Invoices from vendors -- Seven years
Invoices to customers -- Seven years
Sales and Use Tax records -- Permanently
Dividend checks -- Ten years

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