Pittsburgh Accounting

HIGHLIGHTS OF TAX LAW CHANGES FOR 2003 RETURNS

PERSONAL TAXES

New 15% and 5% rates for Capital Gains and Qualifying Dividends!

Increased Child Tax Credit for Qualifying Taxpayers!

“Marriage Penalty” Eliminated!

Tax Rates Reduced for All Taxpayers!

BUSINESS TAXES

Bonus Depreciation for Business = 50%

Also for Business – Section 179 Deduction Increased to $100,000

Vehicles Over 6,000 lbs Loaded Weight Eligible for Sec 179 Deduction

(a) SUV’S

Personal Vehicles Used for Business - Add’l. First Year Depreciation

Qualified Leasehold Improvements Qualify for Bonus Depreciation

Bonus Depreciation for Expenses Incurred After May 6, 2003

TAX STRATEGIES FOR 2003

Sell Investments (Stocks/Mutual Funds) that are Losses.

(a) This can offset Other capital Gains and up to $3,000 Against
Other Income. Any Unused Losses can be Carried Over to
Succeeding Years until Used Up.

For Businesses - Purchased Needed Equipment or Vehicles by Dec. 31st.

Paying Your Own Health Insurance?? - Hire Your Spouse!!

Paying Too Much Self Employment Tax?? - Hire Your Children!!