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2007 TAX NOTEBOOK™
Dateline:
January 2007
Clients of Dunlap & Associates who have
already received a unique User ID and Password may access the Tax
Notebook™ by clicking on the icon below:

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2008 TAX PLANNING GUIDE
AVAILABLE ONLINE
Dateline:
January 2008
Click on the icon below to access the 2008 Tax Planning Guide online:

The Tax Planning Guide will provide you
with valuable insights into how a little advance planning can help
minimize your tax burden come April 15. If you have questions
regarding anything contained in the Tax Planning Guide, contact your
accountant directly, or call us at 215.997.5600.
2008 SOCIAL SECURITY UPDATE
Effective January 1,
2008
The maximum taxable wage base for Social Security for 2008 will rise to
$102,000 from $97,500. As such, the maximum tax will increase by
$279 to $6,324.00. Monthly Social Security benefits will increase
2.3 percent, increasing the average monthly benefit to $1,079 from $1,044.
For retirees under full retirement age, the retirement earnings test exempt amount will
rise to $13,560 from $12,960. For every $2 of earnings above this
limit, $1 of benefits will be withheld.
2008 MILEAGE RATE
INCREASE
Effective January 1,
2008
The Standard Mileage Rates for 2008 have increased as follows:
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Business Rate = 50.5 cents (up from 48.5 cents for 2007)
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Medical and Moving Rate = 19 cents (down from 20 cents for 2007)
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The Charitable Rate remains unchanged at 14 cents.
2008 PHILADELPHIA WAGE
TAX RATE CHANGE
Effective January 1,
2008
Effective January 1, 2008, Philadelphia lowered its wage tax rates as
follows:
Residents............4.219% (previously
4.26%)
Nonresidents.......3.7242% (previously
3.7557%)
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