2009-03-20 / Columnists

Stacy's Tax Tips

Commentary By Stacy Sand, CPA

We are almost there, only four weeks to go:

1. Those of you who have not or will not file a tax return because you will owe money, and you know who you are, are making a mistake. There is a failure to file penalty that you could avoid by simply filing on time, even if you cannot full pay. That penalty was just increased. After 60 days past the due date (including extension) the penalty is the smaller of $135 or 100% of the unpaid tax 2. Revised payroll tax tables are now available which should give each employee a total of $400 for the year. Ask your employer for details. 3. Those of you who calculate your own mileage should know that it was 50.5 cents per mile for the first half of 2008 and 58.5 cents for the second half. The rate for 2009 is 55 cents per mile. Note that for 2009, the rate is 24 cents for medical or moving mileage and 14 cents for charitable miles. 4. If you are a surviving spouse and you sell your home, you are entitled to the full $500,000 exemption. Call or stop by my office for all of your Accounting & Tax needs! I can be reached at 718-318-8829 or by e-mail at ssandcpa@yahoo.com and my office is located at 438 Beach 129 Street, 2nd Floor.

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