At Woods and Dobinsky, C.P.A.'s, P.C., we feel that an informed client is our best customer.  We know that there is a lot of information on the Internet and it can be tough to determine what is valuable.  That is why we have selected the following article(s) for you to view. 2007 Middle Class STAR Rebate Program   This year New Yorkers are again eligible for the STAR rebate.  The 2007 rebate is not automatic – you need to apply for it and it is based on your income level and your tax burden.  Sometime during the month of September you will receive a notice from NYS with an application number and instructions for applying for the rebate.  You can apply online for the rebate by clicking on the link below.  If you have received the Enhanced STAR exemption in the past you do not need to apply for the rebate, you will receive your check automatically.   For more information on the 2007 Middle Class STAR Rebate program or to apply online click on the link below.   http://www.tax.state.ny.us/star/2007/default.htm

New Kiddie Tax Rules Special kiddie tax rules apply to children under age 18 who have unearned income of more than $1,700 in 2007. Unearned income generally includes all income except wages, salaries, and self-employed earnings (i.e., dividends and interest).   New Tax Law Benefits Small Business Owners Congress recently passed and the President has signed yet another new tax law. This latest effort is called the Small Business and Work Opportunity Tax Act of 2007 (the Act).   Deducting Real Estate Taxes State and local real estate taxes levied for the general public welfare are deductible for regular tax, but not for the AMT, if the tax is based on the assessed value of the property and charged uniformly against all property in the taxing authority's jurisdiction.