D. Corey CPA

DOUGLAS COREY & ASSOCIATES, P.C.

Certified Public Accountants

6601 Little River Turnpike, Suite 440

Alexandria, Va 22312

Voice: (703) 354-2900

Fax: (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 Beanie Baby Info Accountant Jokes		ESPN SportsZone Disney Trip Planning Bradyworld

Read about the Corey family's most recent DisneyWorld trip

We welcome your feedback and questions

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 Setup Business 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 Entity Registrations 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

2007 1/1/08-6/30/08 7/1/08-12/31/08
Business: 48.5 cents per mile 50.5 cents per mile 58.5 cents per mile

Charitable: 14 cents per mile 14 cents per mile 14 cents per mile

Medical: 20 cents per mile 19 cents per mile 27 cents per mile

Moving: 20 cents per mile 19 cents per mile 27 cents per mile

FICA RATES

2007 2008

Employer and employee social security rate: 6.2% 6.2%

Self employed social security rate: 12.4% 12.4%

Social security wage ceiling: $97,500 $102,000

Employer and employee Medicare rate: 1.45% 1.45%

Self employed Medicare rate: 2.9% 2.9%

Medicare ceiling: None None

Social Security Earnings Limits

             Below Age 65: $12,960 $13,560

             Age 65 and over: None None

Retirement Plan Limits

2007 2008
Maximum elective salary
deferral for 401(k) plans $15,500 $15,500

Maximum salary reduction
for simple plans $10,500 $10,500

Maximum contribution for
defined contribution plans $45,000 $46,000

Annual compensation limit on
which plan contributions are based $225,000 $230,000

Maximum annual benefit
under defined benefit plan $180,000 $185,000

Maximum IRA Contribution
$4,000 $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 $5,000

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 $96,000 - $116,000 (Joint)
$48,000 - $58,000 (Single)

Education - Hope Credit $1,800 $96,000 - $116,000 (Joint)
$48,000 - $58,000 (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 2008 - $11,650
2007 - $11,390 $174,730 - $214,730
$170,820 - $210,820

Deductions/Other

Maximum
Amount Phase-Out

Student loan interest deduction $2,500 $115,000 - $145,000 (Joint)
$55,000 - $70,000 (Single)

Roth IRA contribution $5,000 $159,000 - $169,000 (Joint)
$101,000 - $116,000 (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 2007: $125,000
2008: $128,000
2007 - $500,000 of property
2008 - $510,000 of property

TAX TABLES

Single Individuals
2008

Taxable Income of 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

2007

Taxable Income of the

                                        But Not
      Over                               Over Pay % on
+   Excess amount
over---

$             0      -----   $            7,825
        7,825      -----               31,850
      31,850      -----               77,100
      77,100      -----             160,850
    160,850     -----             349,700
    349,700      -----             ............ $                    0
             782.50
          4,386.25
        15,698.75
        39,148.75
      101,469.25       10.0    %
      15.0
      25.0
      28.0
      33.0
      35.0 $                      0
    7,825
    31,850
    77,100
    160,850
    349,700

Married Filing Jointly and Surviving Spouses
2008

Taxable Income of 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

2007

Taxable Income of the

                                        But Not
      Over                               Over Pay % on
+   Excess amount
over---

$             0      -----   $          15,650
      15,650      -----               63,700
      63,700      -----             128,500
    128,500      -----             195,850
    195,850      -----             349,700
    349,700      -----             ............ $                    0
          1,565.00
          8,772.50
        24,972.50
        43,830.50
        94,601.00       10.0    %
      15.0
      25.0
      28.0
      33.0
      35.0 $                      0
15,650
    63,700
   128,500
    195,850
    349,700

Married Individuals Filing Separately
2008

Taxable Income of 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

2007

Taxable Income of the

                                        But Not
      Over                               Over Pay % on
+   Excess amount
over---

$             0      -----   $            7,825
        7,825      -----               31,850
      31,850      -----               64,250
      64,250      -----               97,925
      97,925     -----             174,850
    174,850      -----             ............ $                    0
             782.50
          4,386.25
        12,486.25
        21,915.25
        47,300.50       10.0    %
      15.0
      25.0
      28.0
      33.0
      35.0 $                      0
    7,825
    31,850
     64,250
      97,925
    174,850

Heads of Households
2008

Taxable Income of 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

2007

Taxable Income of the

                                        But Not
      Over                               Over Pay % on
+   Excess amount
over---

$             0      -----   $           11,200
      11,200      -----                42,650
      42,650      -----              110,100
    110,100      -----              178,350
    178,350     -----              349,700
    349,700      -----             ............ $                    0
          1,120.00
          5,837.50
        22,700.00
        41,810.00
        98,355.50       10.0    %
      15.0
      25.0
      28.0
      33.0
      35.0 $                      0
11,200
    42,650
     110,100
      178,350
    349,700

	2007	1/1/08-6/30/08	7/1/08-12/31/08
Business:	48.5 cents per mile	50.5 cents per mile	58.5 cents per mile
Charitable:	14 cents per mile	14 cents per mile	14 cents per mile
Medical:	20 cents per mile	19 cents per mile	27 cents per mile
Moving:	20 cents per mile	19 cents per mile	27 cents per mile

	2007	2008
Employer and employee social security rate:	6.2%	6.2%
Self employed social security rate:	12.4%	12.4%
Social security wage ceiling:	$97,500	$102,000
Employer and employee Medicare rate:	1.45%	1.45%
Self employed Medicare rate:	2.9%	2.9%
Medicare ceiling:	None	None
Social Security Earnings Limits
Below Age 65:	$12,960	$13,560
Age 65 and over:	None	None

	2007	2008
Maximum elective salary deferral for 401(k) plans	$15,500	$15,500
Maximum salary reduction for simple plans	$10,500	$10,500
Maximum contribution for defined contribution plans	$45,000	$46,000
Annual compensation limit on which plan contributions are based	$225,000	$230,000
Maximum annual benefit under defined benefit plan	$180,000	$185,000
Maximum IRA Contribution	$4,000	$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	$5,000
Maximum SIMPLE "Catchup Contribution" for taxpayer 50 or older	$2,500	$2,500

DOUGLAS COREY & ASSOCIATES, P.C.

Certified Public Accountants

6601 Little River Turnpike, Suite 440

Alexandria, Va 22312

Tax Information:

Useful Sites to Visit:

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