TAXES 2008:  Go Ahead and File

By Kelly France

Well, the Valentine’s Day rush is over and we still have a little while before Easter, this means it is time to celebrate my personal favorite holiday; Tax Preparation Season. Not many people get as excited about tax preparation as I do, and quite frankly, I can see why. What with all the paperwork, stress, and the ever present audit lurking around every corner. Tax time is not a very celebrated season. Perhaps this would help if there was a more friendly tax season mascot like Santa Clause rather than Bob the accountant or, if you are really lucky, the IRS agents knocking at your door.
 

Mascots aside, this tax season is one that we will be able to celebrate for the fact the government is going to give us more money. According to www.taxguru.net, President Bush has introduced a stimulus package of $168 billion to combat a recession. This stimulus will help benefit individuals, but more so business owners who buy supplies. Furthermore, the package throws out the previous 10% tax bracket and replaces it with a much more comfortable 0%. If you are a business owner, the new law also gives you a 50% bonus depreciation deduction for new equipment. The government is also adjusting the dollar amount of several taxes in order to keep pace with inflation. According to www.irs.gov, the standard deduction for married couples filing a joint return is now $10,900 (a $200 increase from last year), personal dependency exemption has risen to $3,500, and many brackets have been widened. However, I strongly urge you to research your individual cases, as many of these breaks do have strict time limitations. Perhaps this year you will choose to celebrate tax season with me. Pour yourself a cup of hot coco and tack your W2 forms to the mantle while we wait for Bob the accountant to crawl through our mail slot with our refund check. Have a happy tax season.