George W. Smith & Company

Handy Stuff

Ever wonder when you can get those tax, business and finance records out of your basement? Then our record retention schedule is for you.

George Watson Smith III, CPA is a leading nationally syndicated tax columnist. See his latest tax advice in The Tax Advisor courtesy of The Detroit News.

Our weekly tax tips may just have the answer you're looking for or check out our favorite links for sources of even more in depth information.

Don't forget to try out our easy to use "Smart-Tax" income and estate tax planning calculators to get a handle on your current and future taxes.

Our handy "Tax Rules By Age" chart (below) is a client favorite:

Tax Rules By Age

AGE	For 2000
Birth	Social Security number required on all tax returns.
13	Cannot claim a child care credit for children age 13 or older.
14	Unearned income of children age 14 or older no longer taxed at parents' highest rate.
17	Child tax credit expires.
18	- The tax credit for qualifying costs of adopting a child expires. - Begin to pay Social Security tax on chilren who work for parents' unincororated business.
19	Exemption deduction expires for dependent children who are NOT full-time students.
24	Exemption deduction expires for dependent children earning $2,800 who ARE full-time students.
30	Education IRA must be withdrawn or transferred within 30 days after the beneficiary reaches age 30.
59½	Penalty for early withdrawl from retirement funds expires.
65-69	$17,000 maximum earnings limit for receiving full Social Security benefits.
70	No earnings limit for Social Security benefits.
70½	Penalty begins for underwithdrawl of funds from retirement plans. Some exceptions apply.
Death	U.S. Estate Tax Return, Form 706, required if gross estate is valued at more than $675,000.

George W. Smith & Company, P.C.
Certified Public Accountants and Consultants
29229 Northwestern Highway
Southfield, Michigan 48034
"Just north of Twelve Mile Road"
(248) 354-3177

Email us at gwsmith@gwsmith.com