Dodd Priority Bookkeeping and Tax: Related Links

Related Links

IRS Refund:
https://sa2.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp

FTB Refund:
http://www.ftb.ca.gov/online/refund/index.asp

Financial calculators:
www.dinkytown.net

Federal Estimate Voucher:
http://www.irs.gov/pub/irs-pdf/f1040es.pdf

State Estimate Voucher:
http://www.ftb.ca.gov/forms/2008/08_540esins.pdf

Federal Form W-4:
http://www.irs.gov/pub/irs-pdf/fw4.pdf?portlet=3

Federal Form W-9:
http://www.irs.gov/pub/irs-pdf/fw9.pdf?portlet=3

Federal 2008 Tax Withholding Tables:
http://www.irs.gov/pub/irs-pdf/n1036.pdf

California 2008 Tax Withholding Tables:
http://www.edd.ca.gov/taxrep/08metha.pdf

California Form DE-88:
http://www.edd.ca.gov/taxrep/de88all.pdf

California State Board of Equalization:
http://www.boe.ca.gov/index.htm

Department of Homeland Security Form I-9:
http://www.uscis.gov/files/form/i-9.pdf

2008 Payroll Tax Withholding Rates
FICA (Social Security)
Maximum Taxable Earnings:	$102,000
EE Withholding Rate:	6.2%
Maximum Deduction:	$6,345
FICA (Medicare)
Maximum Taxable Earnings:	No Limit
EE Withholding Rate:	1.45%
Maximum Deduction:	No Limit
State Disability (SDI)
Maximum Taxable Earnings:	$86,698
EE Withholding Rate:	.8%
Maximum Deduction:	$693.58

2007 Tax Rates - Single Taxpayers - Standard Deduction $5,350
10%	0 to 7,825
15%	7,826 to 31,850
25%	31,851 to 77,100
28%	77,101 – 160,850
33%	160,851 – 349,700
35%	Over 349,700
2007 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $10,700
10%	0 – 15,650
15%	15,651 – 63,700
25%	63,701 – 128,500
28%	128,501 – 195,850
33%	195,851 – 349,700
35%	Over 349,700
2007 Tax Rates - Married Filing Separately - Standard Deduction $5,350
10%	0 – 7,825
15%	7,826 – 31,850
25%	31,851 – 64,250
28%	64,251 – 97,925
33%	97,926 – 174,850
35%	Over 174,850
2007 Tax Rates - Head of Household - Standard Deduction $7,850
10%	1 – 11,200
15%	11,201 – 42,650
25%	42,651 – 110,100
28%	110,101 – 178,350
33%	178,351 – 349,700
35%	Over 349,700
2007 Tax Rates - Estates & Trusts
15%	1 – 2,150
25%	2,151 – 5,000
28%	5,001 – 7,650
33%	7,651 – 10,450
35%	Over 10,450

Miscellaneous	2007 Tax Rates
Personal Exemption	$3,400
Business equipment expensing deduction	$112,000
Prior-year safe harbor for estimated taxes of higher-income	110% of your 2006 tax liability
Standard mileage rate for business driving	48.5 cents
Standard mileage rate for medical/moving driving	20 cents
Standard mileage rate for charitable driving	14 cents
Child Tax Credit	$1,000
Unearned income maximum for children under 18 before kiddie tax applies	$1,700
Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket	5%
Maximum capital gains tax rate for taxpayers above the 15% bracket	15%
Capital gains tax rate for unrecaptured Sec. 1250 gains	25%
Capital gains tax rate on collectibles	28%
Maximum contribution for Traditional/Roth IRA	$4,000 if under age 50 $5,000 if 50 or older
Maximum employee contribution to SIMPLE IRA	$10,500 if under age 50 $13,000 if 50 or older
Maximum Contribution to SEP IRA	25% of eligible compensation up to $45,000
401(k) maximum employee contribution limit	$15,500 if under age 50 $20,500 if 50 or older
Self-employed health insurance deduction	100%
Estate tax exemption	$2,000,000
Annual Exclusion for Gifts	$12,000

Record Retention Guide Storing tax records: How long is long enough? April 15 has come and gone and another year of tax forms and shoeboxes full of receipts is behind us. But what should be done with those documents after your check or refund request is in the mail? Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time. However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an audit. To be safe, use the following guidelines. Caution: Identity theft is a serious threat in today's world, and it is important to take every precaution to avoid it. After it is no longer necessary to retain your tax records, financial statements, or any other documents with your personal information, you must dispose of these records by shredding them and not disposing of them by merely throwing them away in the trash.
Personal	Business
One Year While it's important to keep year-end mutual fund and IRA contribution statements forever, you don't have to save monthly and quarterly statements once the year-end statement has arrived.	One Year Correspondence with Customers and Vendors Duplicate Deposit Slips Purchase Orders (other than Purchasing Department copy) Receiving Sheets Requisitions Stenographer’s Notebooks Stockroom Withdrawal Forms
Three Years Credit Card Statements Medical Bills (in case of insurance disputes) Utility Records Expired Insurance Policies	Three Years Bank Statements and Reconciliation's Employee Personnel Records (after termination) Employment Applications Expired Insurance Policies General Correspondence Internal Audit Reports Internal Reports Petty Cash Vouchers Physical Inventory Tags Savings Bond Registration Records of Employees Time Cards For Hourly Employees
Six Years Supporting Documents For Tax Returns Accident Reports and Claims Medical Bills (if tax-related) Property Records / Improvement Receipts Sales Receipts Wage Garnishments Other Tax-Related Bills	Six Years Accident Reports, Claims Accounts Payable Ledgers and Schedules Accounts Receivable Ledgers and Schedules Cancelled Checks Cancelled Stock and Bond Certificates Employment Tax Records Expense Analysis and Expense Distribution Schedules Expired Contracts, Leases Expired Option Records Inventories of Products, Materials, Supplies Invoices to Customers Notes Receivable Ledgers, Schedules Payroll Records and Summaries, including payment to pensioners Plant Cost Ledgers Purchasing Department Copies of Purchase Orders Sales Records Subsidiary Ledgers Time Books Travel and Entertainment Records Vouchers for Payments to Vendors, Employees, etc. Voucher Register, Schedules
Forever Audit Reports Legal Records Important Correspondence Income Tax Returns Income Tax Payment Checks Investment Trade Confirmations Retirement and Pension Records	Forever Audit Reports from CPAs/Accountants Cancelled Checks for Important Payments (especially tax payments) Cash Books, Charts of Accounts Contracts, Leases Currently in Effect Corporate Documents (incorporation, charter, by-laws, etc.) Documents substantiating fixed asset additions Deeds Depreciation Schedules Financial Statements (Year End) General and Private Ledgers, Year End Trial Balances Insurance Records, Current Accident Reports, Claims, Policies Investment Trade Confirmations IRS Revenue Agents’ Reports Journals Legal Records, Correspondence and Other Important Matters Minutes Books of Directors and Stockholders Mortgages, Bills of Sale Property Appraisals by Outside Appraisers Property Records Retirement and Pension Records Tax Returns and Worksheets Trademark and Patent Registrations
Special Circumstances Car Records (keep until the car is sold) Credit Card Receipts (keep until verified on your statement) Insurance Policies (keep for the life of the policy) Mortgages / Deeds / Leases (keep 6 years beyond the agreement) Pay Stubs (keep until reconciled with your W-2) Property Records / improvement receipts (keep until property sold) Sales Receipts (keep for life of the warranty) Stock and Bond Records (keep for 6 years beyond selling) Warranties and Instructions (keep for the life of the product) Other Bills (keep until payment is verified on the next bill) Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)

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Phone (831) 430-0911 • Fax (831) 430-0912