Hi, Linda. Here are your Articles for March 13, 2008.

  News for You and Your Company

The Economic Stimulus Act includes valuable new tax breaks for businesses on qualifying equipment and vehicles that they purchase. Jane Pfeifer, a Principal in the Columbus office of Clark, Schaefer, Hackett & Co. explains which businesses are eligible, how much they can claim and what type of assets qualify. In addition, get caught up with our overview of the Economic Stimulus Act.

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Here we go again. As soon as we learned that there will 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. Joe Rumpler, a Shareholder in the Cincinnati office of Clark, Schaefer, Hackett & Co. explains the latest scams and what to do if you get a fraudulent e-mail or phone message.

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During fiscal 2007, the IRS audited more people than it has in a decade and the tax agency is expected to conduct even more examinations this year. Who are the current IRS targets and who is likely to find themselves under the microscope in the future? Click "Full Article" for the answers, along with eight red flags that can sometimes trigger an audit.

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  Timely Opportunities

The U.S. Supreme Court recently ruled that employees have a right to sue if "fiduciary misconduct" causes their 401(k) retirement plans to lose value. Meanwhile, in other 401(k) news, the IRS issued rules that make it easier for employers to use an "auto enrollment" feature in their plans. This encourages greater participation among rank-and-file employees. Added bonus: Higher-ups can also benefit. Click "Ful
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  Tax Planning

If you answer that question by looking at the tax rate tables that show rates of 10, 15, 25, 28, 33, and 35 percent, you could be understating your real marginal tax rate. Click "Full Article" to find out how it could be higher due to numerous provisions that phase out or limit certain deductions, credits, and other tax benefits.
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  Business Tax

With one type of retirement plan, business owners who run their operations alone may be able to stash away more money for the future. Click "Full Article" to see if a Solo 401(k) plan is the right way for you to save.
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  Personal Tax

One of the best tax breaks available is the ability to avoid tax when selling a principal residence -- up to $500,000 of gain is potentially tax-free for married couples filing jointly ($250,000 for single filers). However, in order to qualify, you must own and use the home for two out of the five years before the sale date. What if you're forced to move before that time? You still might be able to exclude the home sale profit by claiming a partial gain exclusion. Click "Full Article" to find out how.
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  Disclaimer of Liability

Clark, Schaefer, Hackett & Co. is not responsible for misinterpretations, errors, or omissions related to the content of this newsletter.  Nor are we responsible for its applicability to your personal, business, or tax situation.  The subject matter contained in this newsletter is often complex, with nuances that cannot be fully described in an article or announcement.  It is, therefore, vital that you consult with us or your Investment Advisor before implementing ideas contained in the newsletter.