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Slaton Financial Services

On our 'Frequently Asked Questions' page you will find the most common       questions and their answers easily. If you can't find your questions answered please contact us - we will be happy to help!

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What are the personal exemption and standard deduction amounts for the year 2007?

Do I need to make quarterly estimated tax payments to the IRS?

What are the due dates for retirement funding?

What are the standard mileage rates for 2007?

Is termination pay received pursuant to an employment settlement agreement excludable from income?

Does abandonment of business or investment property allow taxpayer to claim an ordinary loss?

What is the self-employed health insurance percentage for 2007?

Does the IRS have a program to help take care of back taxes owed?

What is a Roth IRA?

What is the self-employment social security rate and wage base for 2007?

 

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What are the personal exemption and standard deduction amounts for the year 2007?

Personal Exemption $3,400

Standard Deductions:
       Married filing joint - $10,700
       Married filing separate - $5,350
       Single - $5,350

bullet Do I need to make quarterly estimated tax payments to the IRS?

Yes! If you are self-employed or S corporation shareholder and expect to have taxable income for the year. Also any large amount received during the year may require estimated payments.

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What are the due dates for retirement funding?

IRA's: 04/15/2008

SEP's: Due date of return plus extensions

bulletIs termination pay received pursuant to an employment settlement agreement excludable from income?

After 08/20/96 only amounts received as damages on account of personal physical injuries are excludable from gross income.

bullet Does abandonment of business or investment property allow taxpayer to claim an ordinary loss?

Yes. Under the correct circumstances. If the abandoned property is later foreclosed or repossessed, the taxpayer may have to realize a gain or loss.

bullet What is the self-employed health insurance percentage for 2007?

100%

bullet Does the IRS have a program to help take care of back taxes owed?

Yes. It is called an Offer In Compromise. New regulations have been written to make this program more available.

bullet What is a Roth IRA?

Effective 01/01/2005 an individual can invest up to $4,000 per year. The value grows tax-free and can be distributed after five years tax-free.

bullet What is the self-employment social security rate and wage base for 2007?

Rate is 15.3% up to $97,500

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