Let us help you manage it all. Resource Center Our company is committed to assembling and making available current information, resources and tools to assist and educate you.  We are confident that you will find this page an invaluable resource for questions related to personal or corporate taxes, starting and managing your business, estate planning and an array of other topics.  Remember there is no substitute for professional advice, so feel free to contact us if you have any questions.  Join Our Mailing List Email:   Featured Articles for April “I am proud to be paying taxes in the United States. The only thing is – I could be just as proud for half the money.”  — Arthur Godfrey, entertainer Paying for College Recent Legislation May Help As anyone with a child in college or going to college in the next few years knows, a college education is not getting any cheaper.  But recent legislation has made that college education a bit more attainable.  The following information highlights some of the key provisions of the College Cost Reduction and Access Act of 2007 (College Act).  The Pell grant program was reauthorized through 2017 by the Act, and the amounts available through a Pell grant were increased.  Award amounts will continue to increase gradually over a period of years starting at $7,600 for the 2008-09 academic year.  The grant amounts then go to $8,600 for 2009-10, $9,600 for 1010-11, $10,600 for 2011-12, and $11,600 for 2012-13.  The Act dictates that interest rates on Stafford and other federally backed loans to undergraduate students will be reduced gradually over several years.  The rate of interest for loans disbursed before July 1, 2008, will be 6.8%.   The applicable rate will then decrease each year until it reaches 3.4% for disbursement made after July 1, 2010, and before July 1, 2013.  The Act also increased the aggregate limit for federally insured loans.  The amount for undergraduate students was increased from $23,000 to $30,500.  For graduate and professional students, the aggregate amount was increased from $65,500 to $73,000.  A new program known as Teacher education Assistance for College and Higher Education Grants (TEACH) was authorized by the ACT, which also provides for Bonus TEACH Grants.  A TEACH Grant provides up to $4,000 of tuition assistance each academic year to higher achieving undergraduate and graduate students who commit to teaching specific subject in a high-need elementary or secondary school for four years within the eight-year period following their graduation.  TEACH Grants are available in the following fields: mathematics, science, a foreign language, bilingual education, special education, reading specialist, or other fields documented as high-need.  An additional Bonus TEACH Grant of up to $500 per year is available for students in the fields of mathematics and science.  IRS Warns of Telephone Scams Related to Rebates The economic Stimulus Act of 2008 (the Stimulus Act) provides tax rebates for millions of eligible individuals.  Even before the Stimulus Act became law, the IRS warned taxpayers that scammers were already using the word "rebate" as bait in fraudulent activities to induce innocent victims to reveal their identity to the scammer.   Typically, identity thieves use a victim's personal and financial data to empty the victim's financial accounts, run up charges on the victim's existing credit cards, and apply for new loans, credit cards, services, or benefits in the victim's name.  Most of these fraudulent activities can be committed electronically from a remote location, even overseas.      Standard Mileage Rates for 2008 Beginning January 1, 2008, the standard mileage rates for the use of an automobile (including vans, pickups, or panel trucks) are (1) 50.5 cents per mile for business miles, (2) 19 cents per mile for medical or moving purposes, and (30 14 cents per mile for service to a charitable organization. The 2007 rates were 48.5 cents for business miles and 20 cents for medical and moving.  These rates are based on an annual study done by an independent contractor of the fixed and variable costs of operating an automobile.  The charitable rate is unchanged because it is set by statute. A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the modified Accelerated Cost Recovery System or claiming Section 179 deduction for that vehicle; for any vehicle used for hire (such as a taxi); or for more than four vehicles used simultaneously.    When to Buy Those AIrline Tickets In planning a trip, it's hard to know if the posted airfare is a good deal or not.  You hate to pull the trigger now if the fares are going down next week.  Now, you can get an idea which way the fares are heading by plugging in your travel information at www.farecast.com.  Based on your destination, travel dates, and trends in the industry, the website can help you decide whether to buy now or wait.  A recent audit showed that farecast predictions have proven to be accurate nearly 75% of the time.  The site is also launching a similar service for lodging.

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Let us keep you current with your tools Planning Tools Our planning tools are education and informative.  The content includes information related to business and business taxes, personal finances, estate planning and other information.  Our Planning Tools resource section also includes Frequently Asked Questions for each of the topics.  View Planning Tools   Contact Information Richard A. Beauchemin, CPA / Carolina Accounting & Tax Service, PLLC 5309 Monroe Road Charlotte, NC  28205 Phone:  704-375-2715 Fax:        704-332-9810 email:    customerservice@carolinaaccounting.com