Accounting and Tax Facts

• The 2007 mileage rate is 48.5 cents per mile.
• The 2008 mileage rate is 50.5 cents per mile.
• The 2007 IRA contribution limit is $4,000 for most taxpayers.
• The 2008 IRA contribution limit is $5,000 for most taxpayers.
• Personal and dependent exemption amount is $3,300.
• Capital Gains maximum tax rate is 15%.