Business briefs for Wednesday, Dec. 6
The Internal Revenue Service is reminding taxpayers they have approximately three weeks left to make final financial moves for the 2006 tax year.
A tax move could be as simple as adjusting withholding allowances for more take home pay, organizing financial records or considering charitable donations.
Other items to be aware of that may reduce taxable income include closing costs associated with refinancing your home, interest paid on school loans, tuition and fee education expenses and alimony payments.
Some taxpayers may benefit by itemizing their deductions instead of taking the standard deduction. Taxpayers should consider using Schedule A if their itemized deductions exceed the standard deduction based on marital status. For the 2006 tax year, the standard deduction is $5,150 for single taxpayers and $10,300 for taxpayers who file married filing jointly.
Also, for the 2006 tax year, taxpayers who improve the energy efficiency of their home by upgrading heating or cooling equipment, windows, doors, insulation, etc., may qualify for an energy credit of up to $500. This credit will also be available for purchases in 2007.
Taxpayers who buy or lease a qualifying hybrid car in 2006 may qualify for a tax credit that can be as much as $3,400. A tax credit is subtracted directly from the total amount of federal tax owed which can reduce or eliminate a taxpayer’s tax obligation.
Taxpayers can find all the above mentioned items and additional tax information on the Web at http://www.irs.gov, 24 hours a day, seven days a week.
Morgan Stanley hires new vice president
Morgan Stanley announced that Ron Reilly has joined the firm’s Global Wealth Management office in Park City as a first vice president, financial advisor.
Formerly with McDonald Investments for 6 and a half years and an investment advisor for over 20 years, Reilly is a native of Shrewsbury, N. J. He holds a bachelor’s degree from the University of Utah. Reilly, age 47, currently lives in Park City with his wife Dana, sons Ryan and Trevor and is active in a number of youth winter sports organizations.
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