The following table summarizes tax brackets, exemptions, phase outs and other tax facts.  Please contact us if you have any questions or for tax planning assistance.                           2008       2007    Standard Deductions        Joint or qualifying widow(er) (MFJ) $   10,900 $   10,700    Single 5,450 5,350    Head of household (HOH) 8,000 7,850    Married filing separately (MFS) 5,450 5,350    Additional for elderly/blind - married 1,050 1,050    Additional for elderly/blind - unmarried 1,350 1,300    Taxpayer claimed as dependent 900 850       Personal/dependent exemption 3,500 3,400       Child tax credit 1,000 1,000       Unearned income without kiddie tax 1,800 1,700       Beginning of 15% Bracket        Married filing jointly 16,050 15,650    Single 8,025 7,825    Head of household 11,450 11,200    Married filing separate 8,025 7,825    Estates and nongrantor trusts - -       Beginning of 25% Bracket        Married filing jointly 65,100 63,700    Single 32,550 31,850    Head of household 43,650 42,650    Married filing separate 32,550 31,850    Estates and nongrantor trusts 2,200 2,150       Beginning of 28% Bracket        Married filing jointly 131,450 128,500    Single 78,850 77,100    Head of household 112,650 110,100    Married filing separate 65,725 64,250    Estates and nongrantor trusts 5,150 5,000       Beginning of 33% Bracket        Married filing jointly 200,300 195,850    Single 164,550 160,850    Head of household 182,400 178,350    Married filing separate 100,150 97,925    Estates and nongrantor trusts 7,850 7,650       Beginning of 35% Bracket        MFJ, Single, HOH 357,700 349,700    Married filing separate 178,850 174,850    Estates and nongrantor trusts 10,700 10,450       Beginning of personal exemption    Phase-out range – based on AGI        Married filing jointly 239,950 234,600    Single 159,950 156,400    Head of household 199,950 195,500    Married filing separate 119,975 117,300       Beginning of itemized deduction    Phase-out range – based on AGI        MFJ, Single, HOH 159,950 156,400    Married filing separate 79,975 78,200       Gift and estate tax        Applicable credit amount (estate tax) 2,000,000 2,000,000    Gift tax exemption 1,000,000 1,000,000    Gift tax annual exclusion 12,000 12,000       FICA/SE tax max earnings 102,000 97,500       Auto standard mileage allowances        Business .505 .485    Charity work .14 .14    Medical/moving .19 .20       Luxury (nonelectric) auto depreciation limits     Autos        First year: regular 3,060 3,060    Second year 4,800 4,900    Third year 2,850 2,950    Fourth year and thereafter 1,775 1,775       Light trucks and vans        First year: regular 3,160 3,260    Second year 5,100 5,200    Third year 3,050 3,050    Fourth year and thereafter 1,875 1,875       Qualified transportation fringe        Vehicle/transit pass limit 115 110    Qualified parking limit 220 215       Max 401(k) and 403(b) Deferral        Under 50 years old 15,500 15,500    50 years old and over 20,500 20,500       Max SIMPLE Deferral        Under 50 years old 10,500 10,500    50 years old and over 13,000