GOD BLESS AMERICA
BURLESON, TX 76097
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Products/Services
CORPORATION, PARTNERSHIP, INDIVIDUAL, ESTATE & GIFT TAX RETURNS
PERSONALIZED ACCOUNTING SERVICES
SPECIALIZING IN CONVENIENCE STORES
JEWELRY KIOSKS
RENTAL PROPERTIES, CONDO ASSOCIATION MANAGEMENT
WHOLESALE & RETAIL BUSINESS
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PAYROLL PROCESSING
BUSINESS PLANNING SERVICES
COMPUTER SYSTEM CONSULTING.
News
TAX BREAKS FOR INDIVIDUALS & BUSINESS
INDIVIDUALS
INDIVIDUALS MAY NOW DEDUCT THEIR STATE AND LOCAL INCOME TAX OR THEIR STATE AND LOCAL SALES TAXES ON RETURNS FOR 2004. THE IRS WILL PUBLISH TABLES FOR EACH STATE. TAXPAYERS WHO DEDUCT THE SALES TAX WILL ALSO BE ABLE TO DEDUCT SALES TAXES ON MAJOR PURCHASES.
CONGRESS HAS ENHANCED THE REFUNDABLE AMOUNT OF THE CHILD TAX CREDIT. THE LIMIT HAS BEEN INCREASED TO 15%, WITH A MAXIMUM REFUND OF $1,612. THE CHILD TAX CREDIT HAS BEEN INCREASED TO $1,000 FOR 2005 THROUGH 2009. FOR MILITARY PERSONNEL, COMBAT PAY EXCLUDED FROM TAXATION WILL BE COUNTED AS EARNED INCOME FOR PURPOSES OF THE REFUNDABLE CHILD TAX CREDIT FOR 2004.
MARRIAGE PENALTY RELIEF THROUGH INCREASED STANDARD DEDUCTION AND LOWER TAX RATES FOR MARRIED COUPLES IS EXTENDED AT 2004 LEVELS THROUGH 2010. THE STANDARD DEDUCTION FOR MARRIED COUPLES FILING JOINT IS SET AT DOUBLE THE SINGLE RATE FOR 2005 - 2008. SEVERAL OTHER CHANGES HELP REDUCE THE MARRIAGE TAX PENALTY.
THE MAXIMUM SECTION 179 DEDUCTION FOR AN SUV PLACED IN SERVICE AFTER 10/22/2004 IS NOW LIMITED TO $25,000.
ITEMS THAT ARE STILL VIABLE ALTERNATIVES FOR MANY INDIVIDUALS ARE:
a) ROTH IRA
b) TRADITIONAL IRA
c) QUALIFIED TUITION PROGRAMS(QTP)
d) EDUCATIONAL IRA(COVERDALE EDUCATIONAL SAVINGS ACCOUNTS)
d) HIGHER EDUCATION TAX INCENTIVES(HOPE & LIFE TIME LEARNING CREDITS)
e) HEALTH SAVINGS ACCOUNTS(NEW FOR 2004)
CAPITAL GAIN RATES OF 10% AND 15% MAY APPLY TO CERTAIN SALES AND DIVIDENDS MAY QUALIFY FOR THE SAME REDUCED RATES IN CERTAIN CIRCUMSTANCES.
BUSINESS
MILEAGE ALLOWANCE FOR OWNED OR LEASED AUTOS IS 37.5 CENTS PER MILE FOR 2004. MAY BE USED ON UP TO 4 VEHICLES. THE STANDARD MILEAGE RATE MAY NOT BE USED ON A PREVIOUSLY DEPRECIATED VEHICLE IF DEPRECIATION CALCULATED USING A METHOD OTHER THAN STRAIGHT LINE OF IF THE SECTION 179 DEDUCTION WAS CLAIMED ON THE VEHICLE.
AMT FOR SMALL CORPORATIONS ELIMINATED
SELF EMPLOYED INDIVIDUALS ABOVE-THE-LINE DEDUCTION FOR HEALTH INSURANCE INCREASED TO 100% IN 2003
OPERATING LOSS CARRY BACK PERIOD DECREASED TO TWO YEARS BUT CARRY FORWARD PERIOD INCREASED FROM 15 TO 20 YEARS
EXTENSIVE CHANGES IN CAPITAL GAIN RATES AND DIVIDEND TAXABILITY
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BBA, UNIVERSITY OF TEXAS AT AUSTIN
MBA, NORTH TEXAS UNIVERSITY
TEXAS STATE BOARD OF PUBLIC ACCOUNTANCY LICENSE #13871
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