As of July 1, 2008 the business mileage rate for tax purposes will be 58.5 cents per mile.  It has been 50.5 cents per mile for the first six months of the year. 

My June Newletter sets out the current details of both Obama's and McCain's current tax proposals.

 

The Bottom line is that McCain will try to keep the current Bush tax cuts in place and Obama will end or adjust most of them.

 

 

The Northwest real estate market is currently down approximately 44% in number of units sold compared to 2007.  However, most areas are similar in average and medium sales prices.

 

Construction has slowed down substantially and condo's seem to have held pretty steady.

 

The "Mixed Use" demand is rising at an increasing rate in all communities from Oak Harbor, to Everett, to Bellingham to Seattle.  Commercial use below residential -quite often owned by the same parties - is growing.

 

It is expected that the market may not start going up for as long as another four years. 

 

Everyone needs to be aware of their options - be flexible and unattached to previous plans.  There is more on those options in my monthly Newsletters. 

A lot of businesses are showing a lower profiet to date this year.  You need to be aware that you may not need to be sending in as high of tax estimates as previously thought.  You do not have to pay in the same amount of taxes you owed in 2007 if your income is less in 2008.

 

Make sure you check with your tax preparer on both your 2008 estimates and your 2008 payroll taxes if you have your own business or if your income has changed.