2008 Federal Tax Rates
Right on schedule, CCH has released their inflation adjusted calculations for the Federal individual income tax brackets and other items that are adjusted annually. When I have a chance, I will be setting up a new page on my website for these 2008 figures.
Besides the new tax bracket break points, there a few other interesting items that will be of interest to readers.
The Section 179 limit goes up to $128,000 for tax years starting in 2008.
The annual gift tax exemption will remain at $12,000 for 2008.