New Law Provides Two Important Business Tax Breaks

 

By now, you've probably heard about the new federal law that will be providing tax rebates to qualified individuals, beginning in May. But the Economic Stimulus Act also includes valuable new tax breaks for businesses on qualifying equipment and vehicles that they purchase. Our lead article in this Thursday's edition of our eNewsletter will detail which businesses are eligible, how much they can claim, and what type of assets qualify. Click here to subscribe to our free eNewsletter!

ASA Membership Event

One of the many construction trade groups our firms supports, the American Subcontractos Association of Western Pennsylvania, is having a membership event on Tuesday, March 4. It's at 5:30 p.m. at the Rivers Club downtown. If you're a subcontractor interested in learning more about the ASA, download the flyer here and consider attending!

Supreme Court Limits Trust Fee Tax Deductions

 
In a significant decision, the Supreme Court recently limited the tax deductions that can be claimed by trusts and estates. The ruling, which went against the family that created Pepperidge Farm, affects the amount that trusts and estates can write off for the investment advice they receive. Want more details? This will be our lead-off story in our eNewsletter to be sent this Thursday. You can sign up for our eNewsletter here.

Zero Percent Capital Gains Tax: How to Take Advantage

   

Beginning in 2008, the federal tax rate on long-term capital gains and dividends dropped to zero percent for people in the lowest two tax brackets. Who can take advantage? Potential beneficiaries include recent college graduates, retirees, new business owners who have modest incomes this year and others. Parents or grandparents might want to give appreciated securities to loved ones who qualify.

 

Want more info?  This will be the lead topic of our firm's free eNewsletter this Thursday. You can sign up to receive it here.

Important Tax Changes for 2008

 

We've put together some important tax figures for the upcoming year, including the Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions, allowable business write-off amounts and more. We will be sending this information out in our free eNewsletter this Thursday, formatted as a handy chart to keep and assist you in planning for 2008. You can sign up for our newsletter here.

Should You Discuss Politics at Work?

 

The 2008 presidential campaign season is underway. Soon, caucuses and primary voting begin across the country. In many workplaces, employees are discussing issues and arguing their political positions. Some employers might want to prohibit political expression because it can cause tension, reduce productivity, and even damage the reputation of the business. And some employees argue there is a legal right to their free speech. What's an employer to do? Find out in this week's edition of our firm's eNewsletter, which you can sign up for here.

 

 

Upcoming in This Week's eNews

 

Many businesses hire independent contractors. If your company is one of them, make sure to comply with tax and benefit laws. A recent federal court decision and a California Supreme Court ruling are the latest setbacks facing FedEx Corporation's use of independent contractors as drivers. This Thursday's edition of our eNewsletter will take a look at details of the cases, along with some ways to help safeguard your business from government agencies arguing that independent contractors should be classified as employees. Click here to sign up for our weekly eNewsletter!

Case | Sabatini Launches a Blog!

Thanks for visiting our blog. We'll be using this space for various purposes:

• To promote upcoming articles in our email newsletter (which you can sign up for here).
• To publish articles of interest on topics such as accounting, auditing, tax planning, financial planning, estate planning, business valuations, wealth management, and more!
• To publish firm news.
• To provide links to Internet resources we believe you'll find valuable.
• To allow readers a better opportunity to interact with our CPAs and other professionals.

We'll be active here at least weekly.

Regards,
-The Case Sabatini Team.