About Taxes: Making a Mid-Year Tax Projection

	Taxes

In the Spotlight | More Topics |

	from William Perez July is a good time to do some quick tax math and make projections for how your taxes might look for the full year.
In the Spotlight

Mid-Year Tax Planning Crunching some numbers now should help you identify if you're paying the right amount of tax through withholding or estimated payments. It's also a good time to organize your financial documents or to start using financial software.             More Topics Mileage Rate Now 58.5 Cents Per Mile IRS Drops Interest Rate Questions About the Mortgage Deduction Lower Your Taxes Offer in Compromise Which Tax Form to File? Correcting a Tax Return 2008 Tax Figures To get a more accurate idea of your tax scenario, you should use the 2008 amounts for the standard deduction and personal exemption. There's also a higher IRA limit for this year, $5,000 (it was $4,000 last year). Contributing this extra $1,000 to a traditional IRA would translate into $250 in tax savings for someone in the 25% tax bracket.   2008 Tax Rates Speaking of tax brackets, here's a list of the 2008 tax rates. The brackets have become a little more wider this year. Which means that if your income and deductions are staying about the same, your tax liability should decrease slightly.     Sponsored Links   Just for Grads Gifts & Celebrations for Graduates Get tips on celebrating the graduate in your life, from party planning to smart gifts and fun gadgets.

Advertisement

Visit Related About GuideSites:

Search About

Sign up for more free newsletters on your favorite topics. You are receiving this newsletter because you subscribed to the About Taxes newsletter as lemmetry@GMAIL.COM. If you wish to change or remove your email address, please visit: http://www.about.com/nl/usgs.htm?nl=taxes&e=lemmetry@GMAIL.COM About respects your privacy. Our Privacy Policy. Our Contact Information. 249 West 17th Street New York, NY, 10011 © 2008 About, Inc.