Dallas, TX 2/14/2008 7:15:16 AM
Dallas CPA Says - Good Times are Ahead
Rebates checks are likely to be mailed in mid to late May.
The Senate passed a fiscal stimulus package that would cost $151.7 billion in 2008 and $16.3 billion in 2009.
Individuals:
The bill provides tax rebates of up to $600 for individuals and $1,200 for couples, as well as several adjustments to business taxes. It also grants a $300 per child rebate to those receiving rebate checks. The bill also gives $300 rebates to 20 million seniors who receive Social Security checks and disabled veterans and their survivors, as long as they've received at least $3,000 in benefits. Rebates checks are likely to be mailed in mid to late May.
Businesses:
The bill allows small businesses to expense more of their qualified assets purchased in 2008 in lieu of depreciating them, raising the limit from $125,000 to $250,000 in 2008. The idea is to encourage businesses to buy more equipment. In addition, plan provides a "bonus depreciation" of an additional 50% for assets purchased in 2008.
Other:
The bill also temporarily allows the government-sponsored mortgage finance companies Fannie Mae and Freddie Mac to buy individual home loans worth up to $729,750, up from the current limit of $417,000. The Federal Housing Administration would be allowed to insure loans as high as $729,750 as well.
For your tax preparation in Dallas, TX and business consultation contact - Farasat “Fred” Khawaja, CPA http://www.fkaccounting.com
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