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2008 has been a volatile year in terms of mortgages and tax law changes. Following are four mid-year tax changes that you need to know to save your clients thousands of dollars.*

1. You can elect to write off double the previous maximum allowable -- up to $250,000 of equipment - in this year rather than depreciating over time.

2. Increase business mileage reimbursement to 58 cents starting July 1 2008.

3. You can write off up to 25,000 of the business use of a Sport Utility Vehicle plus bonus depreciation on new SUVs.

4. You can now put up to $56,000 in a profit sharing account, and an extra $5,000 if you are age 50 or older.

Individual situations can vary so consult your CPA to determine the impact on your tax return.