Posted by taxguru on November 8, 2007
Q:
Subject: 2008 standard mileage rate?
I have not been able to find out if this number as been released.
I was impressed by the fact that your site was the only one I found with the 2008 Section 179. Good Job!
Have a Wonderful Day!
A:
Based on the past few years, the IRS should be announcing their 2008 standard mileage rates any day now. They may be holding off a bit until some of the fluctuation in oil prices tapers off.
The IRS announcement will be posted on their website.
I’ll also be posting it to my blog as soon as it comes out.
Kerry Kerstetter
Follow-Up:
Thank you very much!
Have a Wonderful Day!
Posted in IRS, Vehicles | Comments Off on When will we know the 2008 IRS mileage rates?
Posted by taxguru on November 7, 2007
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Posted by taxguru on November 5, 2007
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Posted by taxguru on November 4, 2007
Q:
Subject: Corporations
We are a bookkeeping firm run by Enrolled Agents. Can we set-up corporations for our clients and charge them for the service without any type of legal license such as a LDA or Paralegal? Thank you for your help.
A:
There is no quick and easy answer to this because the environment regarding how aggressively the attorneys protect their “turf” varies by state and area of the country. You will need to do some research in your state to see it is safe for non attorneys to provide this service. The easiest way would be to see if there are other non-licensed people already doing this near you and they have been allowed to continue without prosecution from the state bar.
You didn’t say where you are located, but the zealous protectionism demonstrated by some state bars can reach ridiculous levels. A perfect example was in Texas, where Nolo Press was prosecuted for practicing law without a license for merely selling books and software dealing with legal issues. They ended up winning their case, but they had to endure the cost and hassle of defending their position for two years, which is something that you would most likely want to avoid. They have a short summary of this on their website.
Good luck. I hope this helps.
Kerry Kerstetter
Posted in corp | Comments Off on Who can set up corporations?
Posted by taxguru on November 1, 2007
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Posted by taxguru on November 1, 2007
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Posted by taxguru on November 1, 2007
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Posted by taxguru on October 31, 2007
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Posted by taxguru on October 31, 2007
From a reader:
Subject: An End to the Beach House Loophole?
Kerry-
Didn’t know if you had seen this, as always anything helping, not punishing, the “rich” is a loophole. Chuck Rangel’s grand scheme may have pushed this off your radar.
An End to the Beach House Loophole?
My Response:
Thanks for pointing this out. I hadn’t seen it.
However, while I have long believed that there should be zero tax on all capital gains, it is long overdue that our rulers in DC go after “evil rich” folks who have been following our tips to exploit the tax free residence sale rule by converting rentals and vacation home into primary residences. I’m actually amazed that it’s taken them this long, over ten years, to attack this popular and very legal tax savings trick.
If they do succeed in plugging up this loophole, we’ll have to figure other ways around the tax bite, such as more uses of Section 1031 exchanges.
The Tax Game never ends, as long as the rules are constantly being changed.
Thanks again for sharing that article.
Kerry
Posted in Uncategorized | Comments Off on Another attack on Sec. 121 exclusion?
Posted by taxguru on October 31, 2007
Posted in comix, Commies, Hitlary, TaxHikes | Comments Off on As always, the Dims have plenty of tricks, but very few treats for us capitalists…
Tax Guru - Ker$tetter Letter 