 For 2007, the business standard mileage rate is 48.5 cents per mile. Mileage reimbursement for medical reasons and moving expenses is
20 cents for 2007. Services to charity mileage reimbursement continues at 14 cents per mile. Top of Page
The new social security limit for 2007 increased to $97,500. Top of Page
$108,000
of equipment purchased in 2006 and up to $112,000 in
equipment purchased in 2007 will be eligible for the
Section 179 deduction to be expensed instead of
depreciated. However, there must be income to match the
expense before it can be deducted. The total assets
purchased throughout the year cannot exceed $450,000.
For tax years beginning after 2009, the maximum amount
is dropping drastically to a maximum of $25,000.
Therefore, it may be beneficial to your company to
purchase assets before this date.
The gift tax annual exclusion
is $12,000 for years 2006 and 2007. Gifts of a present interest totaling more than $12,000 to an individual in 2006
and 2007 will require the giftor to file a gift tax return. The portion of the total gift in excess of $12,000 is taxable. This excess portion is applied against the giftor’s $1,000,000 lifetime gift tax applicable exclusion which did not change in 2006
or 2007. Top of Page
The estate tax applicable exclusion
is $2,000,000 for years 2006 and 2007. Now, estates with a value of $2,000,000 or less will generally not be subject to estate tax nor required to file an estate tax return. Top of Page
Could money be hidden in the walls of your property? If you are in the process of building, acquiring or renovating a real estate holding, talk to us about a Cost Segregation Study. We will carefully break down construction and/or acquisition costs and allocate them to specific categories - maximizing accelerated depreciation for qualifying building components. In general, the shorter the depreciation period, the greater your tax savings and cash flow. Top of Page
Sol Schwartz & Associates provides asset protection services designed to analyze an individual's total financial and tax position and identify financial objectives that will help make assets, savings and investments grow and be protected, while reducing the impact of inflation and taxes. We work with attorneys, insurance consultants, brokers, and bankers as needed to implement the various financial planning strategies. Call us with your specific questions. Top of Page
Our Estate Program includes analysis of your net worth, investment review and retirement planning, as well as family gifting, the use of trusts, and family business transfers. These steps maximize the benefits to you and your loved-ones. Our Certified Specialists in Estate Planning Sol Schwartz, Jeff Albrecht and John Gilbert are available to answer your questions. Top of Page
There have been a lot of changes in the retirement plan area. We can help your company review its retirement plan to ensure you are taking advantage of these very positive changes. Top of Page
Self-employed individuals are not only subject to regular income tax, but also to self-employment tax. Sol Schwartz & Associates can provide tax strategies to minimize both of these taxes. Top of Page
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