2008 Tax Law Changes

SECTION 179 maximum deduction increases to $250,000. Phase-out threshold increases to $800,000.
STANDARD MILEAGE RATE for business driving increases to 50.5¢ a mile. Rate for medical and moving mileage decreases to 19¢ a mile. Rate for charitable driving remains at 14¢ a mile.
ESTATE TAX top rate remains at 45%, and the exemption amount remains at $2 million. The ANNUAL GIFT TAX EXCLUSION remains at $12,000.

Client Forms

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