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Business Strategies (Continued)

Cut Your Tax Rate
Cut your taxes by making the right choice in deduction business driving expenses.
Taxpayers generally may use one of two methods for computing business car expenses: the actual cost method or the standard mileage rate method. The standard mileage rate may not be used in certain situations; the actual cost method may be used by any taxpayer.
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Small Business Act Signed
President Bush signed the Small Business and Work Opportunity Tax Act on May 25, 2007. This law is part of a larger bill that provides funds for the troops and increases the federal minimum wage over a two-year period to $7.25. To help offset the cost of the increased minimum wage, the law provides a number of tax breaks for businesses. Some individual taxpayers, however, may find their tax bills are increased by the revenue raising portions of the law.
Here's a brief overview of the tax changes:
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Health Savings Accounts (HCAs)
An HSA might be the right prescription to control medical expenses. Health Savings Accounts (HSAs) are tax-sheltered accounts that, when combined with a high-deductible health insurance plan, allow a tax deduction for contributions made to the HSA. HSAs have been around for some time, but new legislation passed at the end of 2006 makes them an even more powerful tool with which to pay medical bills.
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Marriage And Divorce
Marriage? Divorce? Review your finances after a change in marital status.
If you are getting married, divorced, or have recently lost your spouse, you certainly have a lot on your mind. While you may feel overwhelmed with all there is to do, it is important not to overlook financial matters when your marital status changes. Some actions you may want to consider include the following:
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IRS Rule Change
IRS rule change could be a win-win strategy. A recent change in the charitable contribution rules provides a potential tax planning opportunity involving your individual retirement account. If you’re 70 1/2 or older, you can make contributions of up to $100,000 directly from your IRA to a qualified charity.
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Tax and Business Strategies from Strange & Coats, PC, Certified Public Accounts

Tax Briefs
• 2007 Depreciation Limits. The IRS has issued the depreciation limits for business vehicles first placed in service in 2007.
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Dates & Deadlines
September through November
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