Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 11-30-2007, 04:54 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
2007 Tax Changes to Individual Tax Returns

Here are some of the 2007 Tax Law changes applicable to individual tax returns.

1. Personal Exemption:
This has been increased from $3,300 in 2006 to $3,400 in 2007.

2. Standard deduction:
Single Filing status: Increased from $5,150 in 2006 to $5,350 in 2007.
Married Filing Jointly: Increased from $10,300 in 2006 to $10,700 in 2007.
Qualified Widower: Increased from $10,300 in 2006 to $10,700 in 2007.
Head of Household Status: Increased from $7,750 in 2006 to $7,850 in 2007.

3. Additional Deduction for the Elderly or the Blind:
Single: Increased from $1,250 in 2006 to $1,300 in 2007.
Married (each): Increased from $1,000 in 2006 to $1,050 in 2007.

4. The Child care tax credit of $1,000 remains unchanged from 2006

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.