Press Release
For Immediate Release
Contact: Peter B. Diaz, CPA
Peter.diaz@diazconsulting.com
650-400-2539
PETER B. DIAZ, CPA – TAX CONSULTING & FINANCIAL PLANNING IS DESIGNATED AS A TOP 10 BUSINESS BY PUBLISHERS OF THE PRIME BUYER’S REPORT
Redwood City, CA (December 09, 2008)
Peter B. Diaz, CPA – Tax Consulting & Financial Planning announced today it has been designated as a TOP 10 business by The Prime Buyer’s Report and so is officially designated “Prime Buyer’s Certified – TOP 10”.
The determination of Peter B. Diaz, CPA as a TOP 10 business was made based on a ten-point research process conducted by the independent publishers of The Prime Buyer’s Report. The process involved a thorough interview with Peter B. Diaz, CPA and phone calls to previous customers of Peter B. Diaz, CPA to determine their satisfaction. It also included Peter B. Diaz, CPA’s pledge to maintain the highest ethical standards regarding it’s pricing, customer communications, hiring practices, and more.
“I am proud to be recognized this way for the high quality of service and ethical business practices that have been the hallmark of my company since it was founded”, said Peter B. Diaz.
Peter B. Diaz, CPA is a full service Tax Consulting and Financial Consulting company assisting taxpayers and small businesses throughout the San Francisco Bay Area.
For full details on all research steps passed by Peter B. Diaz, CPA, and the ten-point “Best Business Practices Promise” it has pledged to maintain, visit www.primebuyersreport.com
Peter B. Diaz, CPA’s own website is at www.diazconsulting.com . Those interested in services can call (650) 400-2539 anytime 9am-5pm Monday-Friday.
# # #
Thursday, December 25, 2008
PETER B. DIAZ, CPA – TAX CONSULTING & FINANCIAL PLANNING IS DESIGNATED AS A TOP 10 BUSINESS BY PUBLISHERS OF THE PRIME BUYER’S REPORT
Important 2009 Tax Rules to Know
1. If you are 70½ or older you can skip minimum required payouts from retirement plans and IRAs for 2009 if you want without a penalty.
2. In 2009 the maximum 401(k) contribution increases to $16,500, up by $1,000.Individuals born before 1960 can contribute an extra $5,500, for a total of $22,000.
3. The contribution payin limit for defined contribution plans such as SEP IRA accounts and Keogh plans increases to $49,000.
4. There’s no change in the contribution payin limits for IRAs and Roth IRAs. The limitsremain at $5,000, plus $1,000 more for anyone who was born in 1959 or before.
5. The income caps limiting Roth contributions for high-income earners also rise in 2009. The Roth payin limit phases out for couples with Adjusted Gross Income (AGI) of $166,000 to $176,000. For singles, $105,000 to $120,000.
6. Personal exemptions are $3,650 for each filer and their dependents.
7. The 2009 standard deductions rise. Marrieds can claim $11,400. If one spouseis 65 or older, $12,500. If both are, $13,600. Single taxpayers get $5,700. Those 65 and older can take $7,100. Household heads get $8,350 plus $1,400 once they reach age 65. Taxpayers who are legally blind are allowed to add $1,100 to these amounts. Also, married tax filers who do not itemize can augment their standard deduction by up to $1,000 of property taxes paid. Singles filers can add in up to $500 of taxes paid.
8. The estate tax exemption jumps to $3.5 million, up from $2 millionin 2008.
9. The annual gift tax exclusion rises to $13,000 per donee, up $1,000. The lifetime gift tax exemption doesn’t change. It remains $1 million.
10. The Social Security wage base rises to $106,800 in 2009, a $4,800 increase. The tax rates remain 6.2% for FICA and 1.45% for Medicare. Self-employed taxpayerswill pay 15.3% on the first $106,800 of net earnings and 2.9% on amounts over that.
11. Annual caps on deductible contribution payins to health savings accounts rise in 2009. The maximums increase to $5,950 for account holders with family coverage and as much as $3,000 for single coverage.
12. The limits on deductibility of long-term-care premiums are higher. Taxpayers who are age 71 or older can claim as much as $3,980 per person. Filers age 61 to 70...$3,180. Those who are 51 to 60 can deduct up to $1,190. Individuals age 41 to 50 can take $600. People age 40 and younger can take $320.
13. The standard mileage rate for business driving is 55¢ a mile for 2009...a drop of 3½¢ per mile from the rate in effect for the final six months of 2008. For medical travel and moving its 24¢ per mile. When driving for charity its 14¢ a mile.
14. The 10% tax credit for energy efficient home improvements returns for 2009 and is expanded to cover biomass stoves. The total credit cannot top $500. The tax credit for solar water heating equipment is expanded. In 2009, the credit for 30% of the cost of these systems is no longer limited to $2,000.
15. The exemptions from the minimum tax drop to pre-2001 levels. It is expected that once again Congress will pass legislation in 2009 to reverse this decline.
Visit http://www.diazconsulting.com for more information.
2. In 2009 the maximum 401(k) contribution increases to $16,500, up by $1,000.Individuals born before 1960 can contribute an extra $5,500, for a total of $22,000.
3. The contribution payin limit for defined contribution plans such as SEP IRA accounts and Keogh plans increases to $49,000.
4. There’s no change in the contribution payin limits for IRAs and Roth IRAs. The limitsremain at $5,000, plus $1,000 more for anyone who was born in 1959 or before.
5. The income caps limiting Roth contributions for high-income earners also rise in 2009. The Roth payin limit phases out for couples with Adjusted Gross Income (AGI) of $166,000 to $176,000. For singles, $105,000 to $120,000.
6. Personal exemptions are $3,650 for each filer and their dependents.
7. The 2009 standard deductions rise. Marrieds can claim $11,400. If one spouseis 65 or older, $12,500. If both are, $13,600. Single taxpayers get $5,700. Those 65 and older can take $7,100. Household heads get $8,350 plus $1,400 once they reach age 65. Taxpayers who are legally blind are allowed to add $1,100 to these amounts. Also, married tax filers who do not itemize can augment their standard deduction by up to $1,000 of property taxes paid. Singles filers can add in up to $500 of taxes paid.
8. The estate tax exemption jumps to $3.5 million, up from $2 millionin 2008.
9. The annual gift tax exclusion rises to $13,000 per donee, up $1,000. The lifetime gift tax exemption doesn’t change. It remains $1 million.
10. The Social Security wage base rises to $106,800 in 2009, a $4,800 increase. The tax rates remain 6.2% for FICA and 1.45% for Medicare. Self-employed taxpayerswill pay 15.3% on the first $106,800 of net earnings and 2.9% on amounts over that.
11. Annual caps on deductible contribution payins to health savings accounts rise in 2009. The maximums increase to $5,950 for account holders with family coverage and as much as $3,000 for single coverage.
12. The limits on deductibility of long-term-care premiums are higher. Taxpayers who are age 71 or older can claim as much as $3,980 per person. Filers age 61 to 70...$3,180. Those who are 51 to 60 can deduct up to $1,190. Individuals age 41 to 50 can take $600. People age 40 and younger can take $320.
13. The standard mileage rate for business driving is 55¢ a mile for 2009...a drop of 3½¢ per mile from the rate in effect for the final six months of 2008. For medical travel and moving its 24¢ per mile. When driving for charity its 14¢ a mile.
14. The 10% tax credit for energy efficient home improvements returns for 2009 and is expanded to cover biomass stoves. The total credit cannot top $500. The tax credit for solar water heating equipment is expanded. In 2009, the credit for 30% of the cost of these systems is no longer limited to $2,000.
15. The exemptions from the minimum tax drop to pre-2001 levels. It is expected that once again Congress will pass legislation in 2009 to reverse this decline.
Visit http://www.diazconsulting.com for more information.
Tuesday, October 21, 2008
PRESIDENT BUSH SIGNS ECONOMIC STABILIZATION ACT OF 2008
On October 3, 2008, President Bush signed the "Emergency Economic Stabilization Act," which included an AMT"patch" and extension of a number of popular tax breaks, most of which had expired at the end of 2007. Here's aquick summary of provisions extended through 2009.
* For 2008, the AMT exemption amounts are increased to $46,200 for singles and to $69,950 for joint filers.
* Deduction for state and local sales taxes in lieu of deducting state and local income taxes.
* Above-the-line deduction for up to $250 for classroom supplies paid for by teachers.
* $2,000 / $4,000 above-the-line deduction for higher education tuition and fees.
* Business tax credit for research and development expenditures.
* 15-year recovery period for certain leasehold and restaurant improvements.
* Tax-free contributions from IRAs to charities by taxpayers aged 70½ and older.
* The additional standard deduction for property taxes paid by those who don't itemize.
The law also extended some energy tax credits and deductions and provided additional tax relief for victims of disasters in federally declared disaster areas.
For more information visit http://www.diazconsulting.com or call Peter Diaz CPA at 650-400-2539.
* For 2008, the AMT exemption amounts are increased to $46,200 for singles and to $69,950 for joint filers.
* Deduction for state and local sales taxes in lieu of deducting state and local income taxes.
* Above-the-line deduction for up to $250 for classroom supplies paid for by teachers.
* $2,000 / $4,000 above-the-line deduction for higher education tuition and fees.
* Business tax credit for research and development expenditures.
* 15-year recovery period for certain leasehold and restaurant improvements.
* Tax-free contributions from IRAs to charities by taxpayers aged 70½ and older.
* The additional standard deduction for property taxes paid by those who don't itemize.
The law also extended some energy tax credits and deductions and provided additional tax relief for victims of disasters in federally declared disaster areas.
For more information visit http://www.diazconsulting.com or call Peter Diaz CPA at 650-400-2539.
Thursday, July 17, 2008
Free Tax Workshop - Sole Proprietor Tax Issues
On September 11, 2008 Peter B. Diaz, CPA will be presenting a free tax workshop on the tax aspects of running a sole proprietor business. The workshop will cover income and common tax deductions, self-employment tax, estimated tax payments, depreciation, home office deductions, vehicle business use and more. The seminar will be held at the Cisco Entrepreneur Center/Small Business Administration (SBA) Center at 84 W. Santa Clara St. in Downtown San Jose, at 9:30 AM until 12:30 PM. The Workshop is sponsored by the Internal Revenue Service and the SBA. Contact 408-494-0216 or www.ecenteronline.org to make your reservation. Peter can be reached at peter.diaz@diazconsulting.com. Visit his web site at http://www.diazconsulting.com.
On September 11, 2008 Peter B. Diaz, CPA will be presenting a free tax workshop on the tax aspects of running a sole proprietor business. The workshop will cover income and common tax deductions, self-employment tax, estimated tax payments, depreciation, home office deductions, vehicle business use and more. The seminar will be held at the Cisco Entrepreneur Center/Small Business Administration (SBA) Center at 84 W. Santa Clara St. in Downtown San Jose, at 9:30 AM until 12:30 PM. The Workshop is sponsored by the Internal Revenue Service and the SBA. Contact 408-494-0216 or www.ecenteronline.org to make your reservation. Peter can be reached at peter.diaz@diazconsulting.com. Visit his web site at http://www.diazconsulting.com.
Peter B. Diaz, CPA Receives 2008 Best of Redwood City Award
Press Release
FOR IMMEDIATE RELEASE
Peter B. Diaz, CPA Receives 2008 Best of Redwood City Award
U.S. Local Business Association’s Award Plaque Honors the Achievement
WASHINGTON D.C., July 16, 2008 -- Peter B. Diaz, CPA has been selected for the 2008 Best of Redwood City Award in the Tax Return Preparation & Filing category by the U.S. Local Business Association (USLBA).
The USLBA "Best of Local Business" Award Program recognizes outstanding local businesses throughout the country. Each year, the USLBA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and community.
Various sources of information were gathered and analyzed to choose the winners in each category. The 2008 USLBA Award Program focused on quality, not quantity. Winners are determined based on the information gathered both internally by the USLBA and data provided by third parties.
About U.S. Local Business Association (USLBA)
U.S. Local Business Association (USLBA) is a Washington D.C. based organization funded by local businesses operating in towns, large and small, across America. The purpose of USLBA is to promote local business through public relations, marketing and advertising.
The USLBA was established to recognize the best of local businesses in their community. Our organization works exclusively with local business owners, trade groups, professional associations, chambers of commerce and other business advertising and marketing groups. Our mission is to be an advocate for small and medium size businesses and business entrepreneurs across America.
SOURCE: U.S. Local Business AssociationCONTACT:U.S. Local Business AssociationEmail: PublicRelations@USLBA.netURL: http://www.USLBA.net ###
visit http://www.diazconsulting.com to learn more about Peter B. Diaz, CPA
FOR IMMEDIATE RELEASE
Peter B. Diaz, CPA Receives 2008 Best of Redwood City Award
U.S. Local Business Association’s Award Plaque Honors the Achievement
WASHINGTON D.C., July 16, 2008 -- Peter B. Diaz, CPA has been selected for the 2008 Best of Redwood City Award in the Tax Return Preparation & Filing category by the U.S. Local Business Association (USLBA).
The USLBA "Best of Local Business" Award Program recognizes outstanding local businesses throughout the country. Each year, the USLBA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and community.
Various sources of information were gathered and analyzed to choose the winners in each category. The 2008 USLBA Award Program focused on quality, not quantity. Winners are determined based on the information gathered both internally by the USLBA and data provided by third parties.
About U.S. Local Business Association (USLBA)
U.S. Local Business Association (USLBA) is a Washington D.C. based organization funded by local businesses operating in towns, large and small, across America. The purpose of USLBA is to promote local business through public relations, marketing and advertising.
The USLBA was established to recognize the best of local businesses in their community. Our organization works exclusively with local business owners, trade groups, professional associations, chambers of commerce and other business advertising and marketing groups. Our mission is to be an advocate for small and medium size businesses and business entrepreneurs across America.
SOURCE: U.S. Local Business AssociationCONTACT:U.S. Local Business AssociationEmail: PublicRelations@USLBA.netURL: http://www.USLBA.net ###
visit http://www.diazconsulting.com to learn more about Peter B. Diaz, CPA
Tuesday, July 8, 2008
IRS RAISES STANDARD MILEAGE RATES
With gas prices soaring, the IRS has announced anincrease in the standard mileage rates that taxpayerscan use to deduct the cost of driving for business,medical services, or moving.
BUSINESS. Effective for driving from July 1 throughDecember 31, 2008, the standard mileage rate forbusiness driving has been increased to 58.5¢ per mile.The rate for business miles driven from January 1through June 30, 2008, remains at the previous rate of50.5¢ a mile.
MEDICAL AND MOVING. The IRS also increased thedeductible rate for medical and moving mileage for thelast six months of 2008 to 27¢ a mile. For the first sixmonths of 2008, the rate remains at 19¢ a mile.
CHARITABLE. Note that the IRS made no change in themileage rate for driving in conjunction with charitableactivities. That rate is set by law and remains at 14¢a mile.
The standard mileage rates provide taxpayers with an IRS-approved recordkeeping shortcut for deductingexpenses for business, medical, and moving driving. Therates are adjusted annually based on operating costsfor vehicles. When costs rise dramatically during theyear, the IRS considers a midyear change. The new mileage rates are available to many - but notall - drivers. www.diazconsulting.com peter.diaz@diazconsulting.com Phone 650-400-2539
With gas prices soaring, the IRS has announced anincrease in the standard mileage rates that taxpayerscan use to deduct the cost of driving for business,medical services, or moving.
BUSINESS. Effective for driving from July 1 throughDecember 31, 2008, the standard mileage rate forbusiness driving has been increased to 58.5¢ per mile.The rate for business miles driven from January 1through June 30, 2008, remains at the previous rate of50.5¢ a mile.
MEDICAL AND MOVING. The IRS also increased thedeductible rate for medical and moving mileage for thelast six months of 2008 to 27¢ a mile. For the first sixmonths of 2008, the rate remains at 19¢ a mile.
CHARITABLE. Note that the IRS made no change in themileage rate for driving in conjunction with charitableactivities. That rate is set by law and remains at 14¢a mile.
The standard mileage rates provide taxpayers with an IRS-approved recordkeeping shortcut for deductingexpenses for business, medical, and moving driving. Therates are adjusted annually based on operating costsfor vehicles. When costs rise dramatically during theyear, the IRS considers a midyear change. The new mileage rates are available to many - but notall - drivers. www.diazconsulting.com peter.diaz@diazconsulting.com Phone 650-400-2539
Tuesday, January 15, 2008
2008 Tax Changes
Here is a brief rundown of 2008 tax changes.
* ADOPTION TAX CREDIT increases to $11,650 for adoption of an eligible child.
* SECTION 179 maximum deduction increases to $128,000. Phase-out threshold increases to $510,000.
* STANDARD MILEAGE RATE for business driving increases to 50.5¢ a mile. Rate for medical and moving mileage decreases to 19¢ a mile. Rate for charitable driving remains at 14¢ a mile.
* ESTATE TAX top rate remains at 45%, and the exemption amount remains at $2 million. The ANNUAL GIFT TAX EXCLUSION remains at $12,000.
* 401(k) maximum salary deferral remains at $15,500 ($20,500 for 50 and older).
* SIMPLE maximum salary deferral remains at $10,500 ($13,000 for 50 and older).
* IRA contribution limit increases to $5,000 ($6,000 for 50 and older).
* KIDDIE TAX threshold increases to $1,800 and now applies up to age 19 (up to age 24 for full-time students).
* NANNY TAX threshold increases to $1,600.
* TRANSPORTATION FRINGE BENEFIT limit increases to $115 for vehicle/transit passes and to $220 for qualified parking.
* SOCIAL SECURITY taxable wage limit increases to $102,000. Retirees under age 65 can earn up to $13,560 without losing benefits.
* HOPE CREDIT maximum increases to $1,800.
* HSA CONTRIBUTION limit increases to $2,900 for individuals and to $5,800 for families. An additional $900 may be contributed by those 55 or older.
*The AMT exemption amounts for 2007 are $66,250 for joint filers, $33,125 for couples filingseparately, and $44,350 for single taxpayers and headsof household.
Visit www.diazconsulting.com
* ADOPTION TAX CREDIT increases to $11,650 for adoption of an eligible child.
* SECTION 179 maximum deduction increases to $128,000. Phase-out threshold increases to $510,000.
* STANDARD MILEAGE RATE for business driving increases to 50.5¢ a mile. Rate for medical and moving mileage decreases to 19¢ a mile. Rate for charitable driving remains at 14¢ a mile.
* ESTATE TAX top rate remains at 45%, and the exemption amount remains at $2 million. The ANNUAL GIFT TAX EXCLUSION remains at $12,000.
* 401(k) maximum salary deferral remains at $15,500 ($20,500 for 50 and older).
* SIMPLE maximum salary deferral remains at $10,500 ($13,000 for 50 and older).
* IRA contribution limit increases to $5,000 ($6,000 for 50 and older).
* KIDDIE TAX threshold increases to $1,800 and now applies up to age 19 (up to age 24 for full-time students).
* NANNY TAX threshold increases to $1,600.
* TRANSPORTATION FRINGE BENEFIT limit increases to $115 for vehicle/transit passes and to $220 for qualified parking.
* SOCIAL SECURITY taxable wage limit increases to $102,000. Retirees under age 65 can earn up to $13,560 without losing benefits.
* HOPE CREDIT maximum increases to $1,800.
* HSA CONTRIBUTION limit increases to $2,900 for individuals and to $5,800 for families. An additional $900 may be contributed by those 55 or older.
*The AMT exemption amounts for 2007 are $66,250 for joint filers, $33,125 for couples filingseparately, and $44,350 for single taxpayers and headsof household.
Visit www.diazconsulting.com
Subscribe to:
Posts (Atom)
