Newsletter Vol. 2 11/30/07
Did you know...
Congress finally did something about the dreaded Amt(alternative minimum tax)?!!
Originally designed to tax the wealthy, it was never indexed for inflation so many middle class families were hit with this tax especially those of us living in high property tax states such as New Jersey.
The amt disallows, among other things, property tax on your primary residence.
But congress put a patch by increasing the exemption amount to $66,250 from $45,000 for couples. For singles the exemption went to $44,350 from $42,500.
For couples the difference between the old and new exemptions is $21,250 taxed at 24% is a potential tax savings of approximately $5,312!
Did you know...
Effective 7/24/07 the federal minimum wage increased to $5.85 per hour? It will increase to $6.55 per hour a year later and $7.25 per hour a year after that?
But...if you work in the state of New Jersey, the minimum wage per hour has been and still is $7.15 per hour.
October 31st (Happy Halloween)
We hope you like the new look and feel of our "New and Improved" web site! We are making progress in turning this web site into a resource for our new and existing clients, and would love your feedback!.