Centreville Tax Service
Tax Blog
Max Cap Gain Rate may rise to 20%
Max Capital Gain rate may go to 20% for married taxpayers with an Adjusted Gross Income of $250,000 (singles, $200,000).
This more than likely won't be retroactive so no need to sell assets quickly to lock in the 15% rate currently in place.
This more than likely won't be retroactive so no need to sell assets quickly to lock in the 15% rate currently in place.
High Income earners will pay higher taxes by 2010 or 2011
The old 36% and 39.6% tax brackets could return in 2010 or 2011. This will affect taxpayers whose Adjusted Gross Income is over $200,000 (Single) or $250,000 for married taxpayers.
Taxpayers making more than $250,000 may find they will pay more in payroll taxes.
Taxpayers making more than $250,000 may find they will pay more in payroll taxes.
Non Itemizers living in federally declared disaster areas
You can now boost your standard deduction by any casualty loss.
Applies to losses in 2008 and 2009. Break is taken on Line 39c of the Federal Form 1040.
Converting 401K to a Roth
The total amount of the after-tax contributions can be converted free of tax.
Middle Income Tax Relief
Tax relief is coming to the middle class citizens.
Expand the Earned Income Credit and making the Child and Dependent Care Credits fully refundable.
Exempting seniors from income tax if income is less than $50,000.
Welcome to a new season
Welcome to our 11th year. While I have been in this business over 30 years we are still a fairly young and growing company.
Thanks to all our returning customers. I look forward to taking care of your tax filing needs once again this year.
Welcome to all our new customers.
There have been many new tax acts signed this tax year. Many change the way the tax law is applied but many extend some of the tax laws that were due to expire.
Thanks to all our returning customers. I look forward to taking care of your tax filing needs once again this year.
Welcome to all our new customers.
There have been many new tax acts signed this tax year. Many change the way the tax law is applied but many extend some of the tax laws that were due to expire.
Capital gain tax rates remain unchanged this year but there were changes made to minimize the impact to most taxpayers of the Alternative Minimum Tax.
Once again we are ready to assist.
Schedule your appointment securely online by clicking here.
Scott Walls
Owner, Centreville Tax Service
Once again we are ready to assist.
Schedule your appointment securely online by clicking here.
Scott Walls
Owner, Centreville Tax Service
