DOUGLAS COREY & ASSOCIATES, P.C.

Certified Public Accountants

6601 Little River Turnpike, Suite 440

Alexandria, Va 22312

Voice: (703) 354-2900Fax: (703) 354-2606


Douglas Corey & Associates, P.C. is a full service certified public accounting firm, serving the tax and financial needs of small businesses, non-profit organizations and individuals in the Washington, D.C. metropolitan area.



We provide training and support to business owners utilizing Intuit's QuickBooks and QuickBooks Pro software.




More about the Firm
Directions to our Office
New Business Start Up Services


Tax Information:

Mileage Rates
FICA Rates
Tax Benefits/Phase-Outs
Retirement Plan Limits
Tax Tables


Useful Sites to Visit:

IRS Forms and Publications
Wall Street Research
Yahoo Finance Page
Estate Planning Information
Tax Info - 1040.com
Information Almanac
Social Security Planner
Travel Information/Rates
Virginia Department of Taxation
Real Estate Information
Social Security Administration
Auto Blue Book Values
Stock Options Info
Currency Exchange Rates


Fun Sites to Visit:

Women's Soccer World
Accountant Jokes
Disney Trip Planning
Bradyworld

Read about the Corey family's most recent DisneyWorld trip



We welcome your feedback and questions



This site was created and is maintained by GARON, Inc
©1996 GARON, Inc. on behalf of Douglas Corey & Associates, P.C. All Rights Reserved












More About the Firm






In 1990, after 7 years with a medium sized Washington, D.C. area accounting firm, Doug Corey started the accounting firm known today as Douglas Corey & Associates, P.C. Our firm has grown from a one man shop to a full service firm with four full time associates and three part-timers. Doug has over twenty years of experience, with an emphasis on income taxation. Our firm's clients are predominantly small businesses in the real estate and services industries, as well as nonprofit organizations. Our firm offers a full range of services, from audits to tax preparation.




    


 






Directions to our Office (The Pinecrest Building)





From Route 395:
      Take Little River Turnpike (Route 236) West approximately 1.5 miles. After the traffic light at Braddock Road, take next left into building parking lot.

From Beltway:
      Take Little River Turnpike East approximately 3 miles. After passing Campbell-Ferrara Nursery on your right, take a right into building parking lot.





 
 








NEW BUSINESS START UP SERVICES


Accounting System SetupBusiness Acquisition Consulting
  • Advice on features of QuickBooks and Quicken
  • Chart of Accounts setup
  • Payroll setup
  • QuickBooks/Quicken training
  • Assistance with business valuation to advise on purchase price
  • Structuring of the purchase
  • Allocation of purchase price to assets purchased
Choice of EntityRegistrations and Acquisitions of ID#'s
  • C Corporation
  • S Corporation
  • Limited Liability Company
  • Partnership
  • Sole Proprietorship
  • Federal Employee Identification number
  • Entity classification Form
  • Subchapter S Election
  • State registration for payroll and sales tax
  • Local business license
 







MILEAGE RATES


1/1/08-6/30/087/1/08-12/31/082009
Business: 50.5 cents per mile58.5 cents per mile55.0 cents per mile
Charitable: 14.0 cents per mile14.0 cents per mile14.0 cents per mile
Medical: 19.0 cents per mile27.0 cents per mile24.0 cents per mile
Moving: 19.0 cents per mile27.0 cents per mile24.0 cents per mile
  
 






 

FICA RATES


20082009
Employer and employee social security rate: 6.2%6.2%
Self employed social security rate: 12.4%12.4%
Social security wage ceiling: $102,000$106,800
Employer and employee Medicare rate: 1.45%1.45%
Self employed Medicare rate: 2.9%2.9%
Medicare ceiling: NoneNone
Social Security Earnings Limits
             Below Age 65: $13,560$14,160
             Age 65 and over: NoneNone
 
 







Retirement Plan Limits


20082009
Maximum elective salary
deferral for 401(k) plans
$15,500$16,500
Maximum salary reduction
for simple plans
$10,500$11,500
Maximum contribution for
defined contribution plans
$46,000$49,000
Annual compensation limit on
which plan contributions are based
$230,000$245,000
Maximum annual benefit
under defined benefit plan
$185,000$195,000
Maximum IRA Contribution
$5,000$5,000
Maximum IRA "Catchup Contribution"
for taxpayer 50 or older
$1,000$1,000
Maximum 401K "Catchup Contribution"
for taxpayer 50 or older
$5,000$5,500
Maximum SIMPLE "Catchup Contribution"
for taxpayer 50 or older
$2,500$2,500
  
 






 

Tax Benefits/Phase-outs


Credits
 Maximum
Credit
Phase-Out
Child under 17 $1,000 Starts at $110,000 (Joint)
Starts at $75,000 (Single)
Education - Lifetime Learning Credit $2,000 $100,000 - $120,000 (Joint)
$50,000 - $60,000 (Single)
Education - Hope Credit $1,800 $100,000 - $120,000 (Joint)
$50,000 - $60,000 (Single)
Education Expense Deduction $4,000 $130,000 (Joint)
$65,000 (Single)
1st Time DC home buyer $5,000 $110,000 - $130,000 (Joint)
$70,000   - $90,000 (Single)
Adoption Credit 2009 - $12,150
2008 - $11,650
$182,180 - $222,180
$174,730 - $214,730
 
Deductions/Other
 Maximum
Amount
Phase-Out
Student loan interest deduction $2,500 $120,000 - $150,000 (Joint)
$60,000 - $75,000 (Single)
Roth IRA contribution $5,000 $166,000 - $176,000 (Joint)
$105,000 - $120,000 (Single)
Roth IRA conversion N/A $100,000
Education IRA contribution $2,000 $190,000 - $220,000 (Joint)
$ 95,000 - $110,000 (Single)
Active Rental Real Estate Deduction $25,000 $100,000 - $150,000
"Section 179"
asset expense limit
2009: $133,000
2008: $250,000
2009 - $530,000 of property
2008 - $800,000 of property
 






 


TAX TABLES


Single Individuals
2009

Taxable Incomeof the
                                        But Not
      Over                               Over
Pay% on
+   Excess
  amount
over---
$             0      -----   $            8,350
        8,350      -----               33,950
      33,950      -----               82,250
      82,250      -----             171,550
    171,550      -----             372,950
    372,950      -----             ............
$                    0
             835.00
          4,675.00
        16,750.00
        41,754.00
      108,216.00
      10.0    %
      15.0
      25.0
      28.0
      33.0
      35.0
  $                      0
    8,350
    33,950
    82,250
    171,550
    372,950

2008
Taxable Incomeof the
                                        But Not
      Over                               Over
Pay% on
+   Excess
  amount
over---
$             0      -----   $            8,025
        8,025      -----               32,550
      32,550      -----               78,850
      78,850      -----             164,550
    164,550      -----             357,700
    357,700      -----             ............
$                    0
             802.50
          4,481.25
        16,056.25
        40,052.25
      103,791.75
      10.0    %
      15.0
      25.0
      28.0
      33.0
      35.0
  $                      0
    8,025
    32,550
    78,850
    164,550
    357,700
 


Married Filing Jointly and Surviving Spouses
2009

Taxable Incomeof the
                                        But Not
      Over                               Over
Pay% on
+   Excess
  amount
over---
$             0      -----   $          16,700
      16,700      -----               67,900
      67,900      -----             137,050
    137,050      -----             208,850
    208,850      -----             372,950
    372,950      -----             ............
$                    0
          1,670.00
          9,350.00
        26,637.50
        46,741.50
      100,894.50
      10.0    %
      15.0
      25.0
      28.0
      33.0
      35.0
  $                      0
 16,700
    67,900
   137,050
    208,850
    372,950

2008
Taxable Incomeof the
                                        But Not
      Over                               Over
Pay% on
+   Excess
  amount
over---
$             0      -----   $          16,050
      16,050      -----               65,100
      65,100      -----             131,450
    131,450      -----             200,300
    200,300      -----             357,700
    357,700      -----             ............
$                    0
          1,605.00
          8,962.50
        25,550.00
        44,828.00
        96,770.00
      10.0    %
      15.0
      25.0
      28.0
      33.0
      35.0
  $                      0
 16,050
    65,100
   131,450
    200,300
    357,700
 


Married Individuals Filing Separately
2009

Taxable Incomeof the
                                        But Not
      Over                               Over
Pay% on
+   Excess
  amount
over---
$             0      -----   $            8,350
        8,350      -----               33,950
      33,950      -----               68,525
      68,525      -----             104,425
    104,425      -----             186,475
    186,475      -----             ............
$                    0
             835.00
          4,675.00
        13,318.75
        23,370.75
        50,447.25
      10.0    %
      15.0
      25.0
      28.0
      33.0
      35.0
  $                      0
    8,350
    33,950
     68,525
      104,425
    186,475

2008
Taxable Incomeof the
                                        But Not
      Over                               Over
Pay% on
+   Excess
  amount
over---
$             0      -----   $            8,025
        8,025      -----               32,550
      32,550      -----               65,725
      65,725      -----             100,150
    100,150      -----             178,850
    178,850      -----             ............
$                    0
             802.50
          4,481.25
        12,775.00
        22,414.00
        48,385.00
      10.0    %
      15.0
      25.0
      28.0
      33.0
      35.0
  $                      0
    8,025
    32,550
     65,725
      100,150
    178,850

Heads of Households
2009
Taxable Incomeof the
                                        But Not
      Over                               Over
Pay% on
+   Excess
  amount
over---
$             0      -----   $           11,950
      11,950      -----                45,500
      45,500      -----              117,450
    117,450      -----              190,200
    190,200      -----              372,950
    372,950      -----             ............
$                    0
          1,195.00
          6,227.50
        24,215.00
        44,585.00
      104,892.50
      10.0    %
      15.0
      25.0
      28.0
      33.0
      35.0
  $                      0
 11,950
    45,500
     117,450
      190,200
    372,950

2008
Taxable Incomeof the
                                        But Not
      Over                               Over
Pay% on
+   Excess
  amount
over---
$             0      -----   $           11,450
      11,450      -----                43,650
      43,650      -----              112,650
    112,650      -----              182,400
    182,400      -----              357,700
    357,700      -----             ............
$                    0
          1,145.00
          5,975.00
        23,225.00
        42,755.00
      100,604.00
      10.0    %
      15.0
      25.0
      28.0
      33.0
      35.0
  $                      0
 11,450
    43,650
     112,650
      182,400
    357,700