Newsletter: 2008
Benjamin Franklin said that there are two things inevitable in life: death and taxes. But the nice thing about death is there are no picket lines.
2008. A leap year. The only leaping we seemed to be doing is back to 1929.Things are so tough that the old sixty is today’s sixty-five.
Madonna’s getting divorced. Guy Ritchie found out that she was cheating on him. Because in her new act, she started singing,’Like a Yankeee. For the very first time.’ When Alex Rodriguez’ cap fell off in a game, he was wearing a yamakah.
The election lines were so long that some people swear by the time they got to vote, Sarah Palin was running for president.
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LEAVING THE COUNTRY TO WORK? The foreign-earned income exclusion is $87,600 in 2008 and $91,400 in 2009. You have to stay out of the U.S. for 330 out of 365 days. Those of you who want to escape global warming and work at the South Pole are out of luck. It’s considered part of this country.
TEACHABLE MOMENT. Educators can still take $250 of unreimbursed expenses as a deduction off the top of their income. Now, no more teachers’ dirty looks.
STANDARD DEDUCTION FOR PROPERTY TAXES. If you own property but don’t itemize, you can take $500 of your property taxes if you’re single and $1,000 if you married off the top of your income. Perfect for older people and people who buy their home at the end of a tax year.
IT PAYS TO BE SICK. Medical mileage rates are 19 cents a mile for the first six months of 2008 and 27 cents for the last six months. It’s the same for moving. You can not take a double deduction if you moved because you’re sick of L.A…(read more)