Current trends indicate it will be over 6% and largest cost-of-living adjustment since 1982; announcement due next month
Sept. 15, 2008 – Senior citizens may be headed for their largest pay increase – or cost of living adjustment – in more than 25 years, following this year’s Social Security COLA of only 2.3 percent. Projections are now being made that the increase for 2009 will almost certainly exceed six percent.

While the spirit of giving seems to grow during the holiday season, the IRS reminds taxpayers to keep some important points in mind when making donations with the expectation of deducting them on a federal tax return.
Taxpayers can deduct donations only if they make them to a qualified tax exempt organization.
"The IRS website allows taxpayers to search for many charitable organizations online with Publication 78," said IRS spokesperson Luis D. Garcia. “Qualified organizations can include non profit groups that range from religious to scientific, charitable to educational, or that work to prevent cruelty to children or animals. Generally, organizations will be able to tell you whether they are federally tax exempt and eligible to accept tax-deductible donations."

With little more than a week left in 2008 the Internal Revenue Service wants to remind taxpayers to be aware of recent tax changes as well as some recently reinstated tax deductions.
“A simple review of your current tax situation may result in a bigger refund or less taxes to be paid come tax time,” said IRS Spokesperson Luis D. Garcia.
The Internal Revenue Service offers these tax tips for you to consider.

Recently, with my strong support, Congress enacted the Medicare Improvements for Patients and Providers Act (Medicare Improvement Act). This bill, which passed over the veto of President Bush, strengthens Medicare and ensures that seniors and persons with disabilities can keep access to the health care they have been promised.

Halloween on Wall Street started much too early this year, and it was all trick and no treat. It has been really scary. Scary, like when we review reports on retirement accounts and other mutual fund holdings, and scary to even turn on the news to hear the newest, breathless threat to our economy here and globally. We have, as you know, been in much, much better shape than many other parts of the country.