First Command Encourages Year-End Planning to Lower 2007 Tax Bill.FORT WORTH, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. -- Want to shrink your 2007 tax bill? First Command Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Inc. is encouraging consumers to look for ways to reduce the amount of federal income tax they may owe in April 2008 by taking advantage of expiring tax breaks before year's end. "As the tax law currently reads, a host of valuable breaks are scheduled to expire at the end of this year," said Bob Evart, senior tax manager for First Command Tax Services. "While the odds are good that some, or even most, of them will be extended by future legislation, don't bet the farm on it. The prudent course is to take action before year-end to cash in on breaks that are meaningful to you or your business." A rundown Rundown A summary of the amount and prices of a serial bond issue that is still available for purchase. rundown A list of available bonds in a municipal issue of serial bonds. on some of the expiring provisions is presented in the current issue of Journey, a 298,000-circulation magazine for First Command clients. The expiring provisions include: * Itemized Deduction Itemized Deduction A deduction from a taxpayer's taxable adjusted gross income that is made up of deductions for money spent on certain goods and services throughout the year. for State and Local Sales Taxes sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. . If you live in a state with low or no state income tax and are planning some big-ticket purchases (such as a car or a boat), make them before year-end to increase your sales tax deduction. * Credit for Nonbusiness non·busi·ness adj. 1. Unrelated to business or industry. 2. Unrelated to one's own business or employment. Energy Expenditures. The up-to-$500 tax credits for nonbusiness energy efficiency improvements are modest, but they could make it worth your while to make some energy-saving changes to your principal residence. * Charitable Donations from IRAs. If you've reached age 701/2, a law change from last year allows you to arrange to distribute up to $100,000 of otherwise taxable IRA Ira, in the Bible Ira (ī`rə), in the Bible. 1 Chief officer of David. 2, 3 Two of David's guard. IRA, abbreviation IRA. money to specified tax-exempt charities. * Faster Depreciation for Leasehold and Restaurant Improvements. Favorable 15-year depreciation is allowed for qualified leasehold improvements and qualified restaurant improvements that are placed in service by 12/31/07. * Breaks for Business Charitable Donations. Enhanced deductions are allowed for certain types of charitable donations made through 2007 by businesses. Formerly known as TaxCommand, First Command Tax Services is the exclusive tax preparation service of First Command Financial Planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against . To learn more about taxes and recent changes in tax law, First Command Tax Services encourages consumers to explore its online list of frequently asked questions and other resources at http://www.firstcommand.com/tax-services/index.html. First Command Financial Services and its subsidiaries, including First Command Bank and First Command Financial Planning, assist American families in their efforts to build wealth, reduce debt and pursue their lifetime financial goals and dreams--focusing on consumer behavior as the first and most powerful determinant of results. Through personalized financial plans that emphasize investments, insurance and full-service banking, First Command Financial Advisors have established lasting relationships with hundreds of thousands of client families since 1958. For more information about First Command, visit www.firstcommand.com. First Command Financial Services, Inc. is the parent company of First Command Financial Planning, Inc. (Member SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. ) and First Command Bank (Member FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ). Insurance products and services are offered by First Command Financial Services, Inc. Financial planning services and securities products are offered by First Command Financial Planning, Inc. Banking products and services are offered by First Command Bank. Securities products are not FDIC insured, have no bank guarantee and may lose value. In certain states, First Command Financial Services, Inc. is a separately registered domestic corporation and does business in California as "First Command Insurance Services." |
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