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Standard Deductions

2008

2007

  Joint Or Qualifying Widow(er) $10,900 $10,700
  Single $5,450 $5,350
  Head Of Household $8,000 $7,850
  Married Filing Separately $5,450 $5,3150
  Additional For Elderly/Blind Married $1,050 $1,050
  Additional For Elderly/Blind Unmarried $1,350 $1,300
  Taxpayer Claimed As Dependent (with    
      only unearned income)
$900 $850
Personal/Dependent Exemption $3,500 $3,400
Unearned Income Without Kiddie Tax $1,800 $1,700
Beginning/Ending Of Personal Exemption
  Phaseout Range - Based  On AGI
  Joint Or Qualifying Widow(er) $239,950\362,450 $234,600\361,900
  Single $159,950\282,450 $156,400\279,550
  Head Of Household $199,950\322,450 $195,500\320,350
  Married Filing Separate $119,975\181,225 $117,300\180,950
Beginning of Itemized Deduction on
  Phaseout Range - Based on AGI
  Joint, Single, Head of Household $159,950 $156,400
  Married Filing Separately $79,975 $78,200
FICA/SE Tax Information
  FICA/SE Taxable Maximum Earnings $102,000 $97,500

  FICA Tax Rate (Employee)

6.2% 6.2%
  SE Tax Rate 12.4% 12.4%
Medicare/SE Tax Information

  Taxable Maximum Earnings

Unlimited Unlimited
  Medicare Tax Rate (Employee) 1.45% 1.45%
  SE Tax Rate 2.90% 2.90%
Auto Standard Mileage Allowances
   Business *     $0.505 $0.485
   Charity Work 0.14 0.14
   Medical/Moving 0.19 0.20
Earnings Ceiling For Social Security
   Below Age 65 $13,560 $12,960
   Age 65-69 Unlimited Unlimited
   Age 70 and Above Unlimited Unlimited
Federal Minimum Wage $5.85 $5.15
IRC Section 179 Expense
Election
$128,000 $125,000

RECORD RETENTION GUIDELINES

RECORDS RETENTION PERIODS
Tax Returns Permanent
Tax Return Supporting Documentation *6 years
Tax and Legal Correspondence Permanent
Audit Reports Permanent
Financial Statements Permanent
General Ledger and Journals *6 years
Depreciation Schedules Life of Asset, Plus 3 Years
Inventory Records *3 Years
LIFO Inventory Records Permanent
Daily Sales Records *3 Years
Paid Vendor Invoices *3 Years
Bank Statements, Deposit Slips,
  Cancelled Checks
*6 Years
Payroll Records *5 Years
Contracts and Leases Permanent
Real Estate Records Permanent
Corporate Stock
  Records, Charter &
  By-laws
Permanent
Minutes of meetings Life of Company

*From tax return due date or filing date, plus any amended returns, whichever is later

 

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Certified Public Accountants

     1035 N. Main Street, Findlay, OH 45840  -  Phone: 419-422-8111  -  Fax: 419-422-5969
   2453 West Market Street, Tiffin, OH 44883  -  Phone: 419-448-8555  -  Fax: 419-448-5885

Questions or comments?  Please email ksc@knuevenschroeder.com