SDAR Tax Tips
New Mileage Rates
1) From January 1 to June 30, 2008, business mileage rate is 50.5 cents per mile. From July 1 to December 31, 2008, business mileage rate is 58.5 cents per mile.
2) From January 1 to June 30, 2008, miles driven for moving purposes is 19 cents per mile. From July 1 to December 31, 2008, miles driven for moving purposes is 27 cents per mile.
3) Starting January 1, 2008, miles driven in service for a charitable organization is 14 cents per mile.
Notice from Internal Revenue Service
Did you know an average refund of $963 is waiting for 95,746 taxpayers whose refund checks have been returned to the IRS as undeliverable? The checks, worth a total of $92.2 million, can be claimed as soon as their owners update their addresses with the IRS. Use Federal Form 8822, Change of Address" and Franchise Tax Board Form 3533, "Change of Address.
Note: Please contact your tax advisor or accountant for professional advice.
Information to Brokers
1099 Reporting for Real Estate Commissions Real estate brokers generally must file Form 1099-MISC for commission payments of $600 or more. For more information, visit the California Franchise Tax Board web site at www.ftb.ca.gov/forms/misc/4201RE.pdf