Tax & Financial Consulting Services
Last Day of the 2008 Tax Season Record-Keeping
Dear G&G Reader,
Today is the last day of the Tax Year and this is a reminder for you to close out your business expense logs. One of the most overlooked record-keeping items I see my clients fail to log is their ending mileage for their vehicle. This is important to calculate your business use of your vehicle especially if you use your vehicle for business and personal use.
Why is this important, due to the rising cost of gasoline prices the beginning of the 2008 tax season, the mileage rate increased mid year 8 cents to 58.5 cents a mile for all business miles driven from July 1, 2008 through December 31, 2008. So, it will be important to make sure you have good business records especially identifying the miles from Jan-July and then from July to today.
If you need a reminder on how to do this, visit G&G Associates new website, go to the Audio library and listen to the call Record Keeping & Vehicle Expenses. Also, visit the library for over 40 hours of educational conference calls to make sure you have your taxes ready for the 2008 season.
This years tax season will be a challenge for many especially since record numbers of individuals have tapped into savings, retirement accounts, etc which may have caused tax bills you didn't realize. So, it will be imperative that you have a tax professional and "not a tax preparer" doing your taxes. Trust me folks, there is a big difference.
One of the benefits of being a client with G&G Associates is that you'll get a free 15 min pre-tax preparation session to make sure you are gathering your documents appropriately before you submit all forms for tax preparation. So, contact us to schedule an appointment.
So, have a great day and I'll talk with you next year!
Tax & Financial Consultant, RFC
866-361-3872 toll free fax
"The hardest thing in the world to understand is income taxes." Doing Your Taxes doesn't have to be difficult. You could do it yourself but that's like changing your own oil...what else could be wrong with the car? Let us do the job for you-accurately and efficiently to get you all the money you deserve.
LEGAL NOTICE: This work is based on SEC filings, current events, interviews,
corporate press releases and what I've learned as a financial consultant. Nothing
herein should be considered personalized investment advice. It may contain errors
and you shouldn't make any investment decision based solely on what you read here.
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