Four Points for your 2007 Tax Preparation

As we move into the last quarter of 2007, we should all take a little time and evaluate your taxes.

Some points to ponder:

•1.       Boost or make contribution to your retirement plans.

•2.       If you turn 50 by year's end, you maybe allow increasing your contribution by $2,500.00.

•3.       Hurricane Katrina tax break for individuals will expire December 31. The GO Zone allows bonus depreciation.

•4.       For self employed the standard mileage rates for use of vehicles for work are 48.5 cents per mile.

These points are my understanding. You should always consult your tax advisor to ensure these deductions fit your needs.