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Pappas and Company Pappas and Company Certified Public Accountants Dear Client and Friends, I am proud to share with you the firm's first e-mail newsletter. While we are committed to providing you, our valued clients and associates, with the latest tax, accounting and planning information we also have a firm commitment to our environment and hope that you will see this e-newsletter as both effective and environmentally friendly. We look forward to hearing from you and of course, encourage you to share our newsletter with your colleauges, associates and friends who may benefit from professional tax and investment planning information. We appreciate your referrals and welcome new clients. As always, if any of our information leads to questions or ideas for your individual or business needs, do not hesitate to contact me. I look forward to working with you as we tackle some of the challenges this year. Sincerely, Gus Pappas End of Year Tax Planning for Individuals and Business Owners With dramatic shifts in the economy in the last two quarters, we at Pappas and Company strongly encourage each of you to take the time for an end of year tax planning session. While we are facing some challenging times, one of the best ways to protect your valued assets is through strategic tax planning. Unless we see strong changes in the economy many investors will face severe losses in their portfolios. As tax professionals, it is our challenge to help you plan for and potentially mitigate these losses. While a year-end review may be painful, tax planning may yield tax savings and an increased return on investment in the long run. TAX STRATEGIES FOR 2008 YEAR END As we approach the holiday season, time still remains to take action to lower your 2008 tax bill. To do so, you must be aware of some changes to rulings that may affect your decision-making. CAPITAL GAINS - The maximum capital gains tax rate is 15% for gains from the sale of qualifying assets held more than one year. In 2008, those taxpayers in the 10% & 15% of ordinary income bracket, can take advantage of a 0% capital gain for the first time. IRA CONTRIBUTIONS - You can contribute up to $5,000 ($6,000 if you are age 50 or older by 12/31/08) to your IRA in 2008 if certain conditions are met. For married couples, the combined contributions limits are $10,000 ($5,000 each) and $12,000 ($6,000 each if both are 50 years old by 12/31/08) when a join return is filed, provided one or both spouses had at least that much earned income. In addition, contributions to traditional IRAs may be tax deductible subject to specific conditions and limitations. FIFTY PERCENT BONUS DEPRECIATION - With recent legislation, qualifying equipment, which includes most tangible personal property and software and certain leasehold improvements acquired and placed in use during 2008, is eligible for an 50% bonus depreciation deduction. This is in addition to the normal depreciation deduction on the remaining balance. SECTION 179 EXPENSING OPTION - For tax year 2008 the Section 179 Election to expense otherwise depreciable assets limit was increased to $250,000. FIRST TIME HOMEBUYER CREDIT The Housing and Recovery Act of 2008 provides $15.1 million in tax incentives targeted principally at homeownership and affordable housing including the First Time Homebuyer Tax Credit. This credit allows qualified first time homebuyers to receive a temporary refundable tax credit equal to 10% of the purchase price of the home, up to $7,500 ($3,750 for married individuals filing separately). The credit begins to phase out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 for a joint return). The credit is effective for homes purchased on or after April 9, 2008 and before July 1, 2009. Unlike other credits, however, the first time homebuyer credit must be repaid in equal installments over 15 years, essentially making it an interest-free government loan for qualifying buyers. Print Article��Email to a friend   TURKEY'S FRONTLINE FOREIGN POLICY 1 Light at the End of Greece¢s Difficult Tunnel Condemnation of the death of our compatriot Aristotelis Goumas From Albanian terrorists. Statement by the Honorable Chris Spirou, President “International Congregation of Agia Sophia” Press Conference-Hellenic American Union Auditorium, Athens, Greece Today's Zaman reports on 'Bartholomew hopeful Orthodox Church will survive' Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Dogtooth, an allegorical critique of family life, OPENS september 3 on SFFS SCREEN AT sundance kabuki cinemas Foreign Tourism to Düsseldorf Region grows by 9.2% Explaining “How & Why” Cancer Cells Eat Us Alive: They Use Stress to Steal Nutrients from Nearby Cells to Survive, Evolve, and Spread FOUNDERS OF AMERICAN HELLENIC COMMUNITY OF FLORIDA, INC. CNN reports on 'The last Orthodox patriarch in Turkey?' Liturgy at Hagia Sophia on Sept. 17, 2010 INVITATION TO A PRESS CONFERENCE In Memory of Angelo Ravanos CNN's "World's Untold Stories" to examine Greek Orthodox Community in Turkey Greek Restaurant Review: Corfu Grill: One of Forest Hills' Finest Eateries Seminarians Have Life-Changing Experience as Part of an OCMC Mission Team FORMER GOVERNOR PATAKI REITERATES HIS SUPPORT FOR REBUILDING ST. NICHOLAS AT GROUND ZERO Congressman Joe Sestak for Senate Efforts to support the greek-american community Baltimore¢s Greek Sister City Selects Veteran Baltimore Police Commander to Compete in Athens Marathon Man Murdered in Albania for Speaking Greek The National Hellenic Society and American College of Greece Release Heritage Greece Program Research Rep. Bilirakis Statement on Mosque Near Ground Zero St. Nicholas Greek Orthodox Church stood across Liberty Street from the South Tower of the World Trade Center in New York City, USA. It was completely destroyed in the September 11, 2001, attacks when the South Tower collapsed.