Useful Tax Tips

Optional Sales Tax Tables (PDF)

Tax Information for 2007-2008 (PDF)

Phase Out Ranges for 2007 (PDF)

IRS Forms

Sales Tax Rules for Construction

Current Tax Newsletter

To read an Adobe Acrobat PDF file, Acrobat Reader must be installed on your system. Acrobat Reader may be downloaded by clicking on the icon on the left and following the instructions provided.

Useful Tax Tips

• Employ your spouse in a legitimate job capacity if you’re self-employed.  This will enable you to deduct 100% of medical insurance plan premiums.

• By foregoing the dependency exemption, the Hope education credit may be salvaged by your child when income is too high for you to claim the credit yourself.

• You may be able to withdraw up to $10,000 from your IRA to buy a home or pay college expenses without being subject to a penalty.

• Gains from the sale of most capital assets held for more than 12 months are now taxed at either a 15% or 5% rate depending upon your income tax bracket.

• Many states allow sole proprietors to form LLC’s which will limit their liability without the headache of filing a separate tax return.

• If you have 100 or fewer employees, consider establishing a SIMPLE retirement plan.  It has low overhead and, as an owner-employee, you can also participate.

• If you are a sole-proprietor or the only employee of your company, consider establishing an Individual 401(k).  It allows for larger deferrals and matching contributions. 

• By making use of a “cafeteria plan,” your employees will pay less income tax.  You will also save because you will pay less in social security matching funds.

• Vehicles used for business with a gross vehicle weight exceeding 6,000 pounds qualify for special depreciation write offs.