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CPA and Tax Accounting Practice based in Philadelphia, Bucks County, Northeast Philadelphia, Delaware Valley
Lawyer Accountant Specializing in Medical Profession, Healthcare
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The Tax Accounting Season: 2007 - looking after 2006 Returns
Did you ever notice that when you put the two words "The" and "IRS" together it spells: "THEIRS?"
Well, it's tax time again, but the good news is that a number of changes in the tax law should assure that more of the money you earn is "yours" and not "theirs."
For example, the lifetime learning credit has increased to $2,000, the child tax credit has increased to $1,000 for each child, and the dependent care (or day care) credit has increased to $600. Further, all federal income tax rates have all been reduced, and the maximum rate for divided and capital gains has been reduced to only 15%.
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In addition, the "marriage penalty" has been reduced by increasing the standard deduction for married couples filing jointly to $9,500 and by increasing the amount of income taxed at the low rate of 15%.
Lastly, for those of you who have
purchased a new car and use it for work, you can now deduct up to $10,710 in first-year depreciation.
These are just a few of the changes that will reduce your federal income tax this year. As always, we would appreciate the opportunity to prepare your taxes again this year. We will be
accepting appointments from 8 AM to 8 PM Monday through Thursday, 8 AM to 6 PM on Fridays, and 10 AM to 3 PM on Saturday and Sunday. Please call to schedule an appointment.
Accounting and accountants can help with those tax returns. Scotese & Company can help you in all the states in the US although our accounting offices are in Bucks County -- near Philadelphia, North East Philadelphia, and the Delaware Valley Area.
Sincerely,
Robert Scotese, C.P.A
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