Welcome to the Salmon Sims Thomas Focus for February 7, 2008.

  Salmon Sims Thomas News

Here we go again. As soon as we learned that there may be tax rebate checks as the result of a proposed economic stimulus bill, scamsters came up with a way to use that information to steal people's identities. This is one of five current scams that use the IRS' name in an attempt to gain access to personal financial information. Click "Full Article" to find out the latest scams and what to do if you get a fraudulent e-mail or phone message.

 Full Article    Save Article    Email Firm  

As you may know, the cost of commuting back and forth from work is not a deductible expense, whether you travel by car, train, bus or even plane. However, there are several exceptions to this general rule. For example, you may be able to deduct certain commuting costs while you’re operating on a temporary assignment or if you’re traveling between two business locations. Click Full Article to learn about another exception

 Full Article    Save Article    Email Firm  

On December 26, 2007, President Bush signed into law some much-needed tax relief involving the alternative minimum tax (AMT). The new tax legislation increases the exemption amounts for tax filers across-the-board and will save an estimated 23 million people from paying AMT for the 2007 tax year. Here are the details.

 Full Article    Save Article    Email Firm  

  Timely Opportunities

In a significant decision, the Supreme Court recently limited the tax deductions that can be claimed by trusts and estates. The ruling, which went against the family that created Pepperidge Farm, affects the amount that trusts and estates can write off for the investment advice they receive. Here are the details.