Darshi Kasotia, CPA

The past couple of weeks have been quite an ordeal for a lot of folks in the greater Houston area. A lot of people lost their homes and livelihoods in Galveston, Bolivar Peninsula and the surrounding areas. Thousands suffered power outages lasting days to weeks.
The good news coming out of the IRS is that they are postponing the filing and payment deadlines for  for Louisiana and Texas taxpayers affected by Hurricane Ike to January 5th, 2009.

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The IRS recently announced the increase in the Standard Mileage Rate for the last half of 2008. The rate increased from 50.5 cents per mile to 58.5 cents per mile, and will be in effect from July 1, 2008 through December 31, 2008. Taxpayers have the option of using the increased standard rate for calculating the deductible mileage for business, charitable, medical and moving purposes.

Sorry for the lack of posts on the blog!

But tax time has been busy as always.

A lot of our friends/family/clients have asked questions

related to college savings (preferablym “tax” free).

So we have kicked of a new section “529 Plans”.

Please visit us again for insight into these plans over the coming days.

Thank you.

If you have not filed a tax return for 2007 tax year, you still have time to do so, and claim your stimulus payment.  You must file by Oct. 15 to get your payment this year.  Below is the basic framework:

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Below are some of the benefits you may enjoy from having an HSA:

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