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Tax Law Update
Quick Facts for 2007 Individual
Income Tax Returns
- Tax rates of 5% to 15% apply to net capital gains from investments
held more than 12 months
Have a question about capital
gains? Contact us.
- The child tax credit is $1,000 per qualifying child (subject to limits),
and is allowed against both regular tax and alternative minimum tax
liability
Have a question about alternative
minimum tax? Contact us.
- The maximum HOPE Scholarship Credit is $1,650 per student
Have a question about education
credits? Contact us.
- The maximum Lifetime Learning Credit is $2,000 for eligible expenses
Have a question about eligible
expenses? Contact us.
- The student loan interest deduction is $2,500
Have a question about loan
interest deductibility? Contact us.
Quick Facts for 2007 Estate and
Gift Tax Returns
- The unified credit shelter amount is $2,000,000 for 2007.
Have a question about estate
planning? Contact us.
- The annual gift tax exclusion amount is $12,000 per donee, $12,000 for 2007.
Have a question about making
gifts? Contact us.
- The top rate for estate and gift taxes is 45%
Have a question about how
to reduce the tax on your estate? Contact us.
Quick Facts for 2007 Business
Tax Returns
- The Section 179 deduction for qualified asset purchases is $125,000 (adjusted for inflation)
Have a question about depreciation?
Contact us.
- 100% of health insurance premiums paid by the self-employed can be
deducted 'above-the-line'
Have a question about above-the-line
deductions? Contact us.
- The standard mileage rate for business vehicles is 48.5 cents
Have a question about vehicle
expenses? Contact us.
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