There have been a number of tax law
changes affecting individuals for 2007. Over the past
year we have discussed many of them in our FOCUS
e-newsletter. Now is a good time to review a few of
these that may be on your mind as we begin tax filing
season.
2007 Tax
Rate Schedules
The 2007
tax rate schedules have been adjusted to reflect the effect of inflation
on the tax rate bracket thresholds.
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Alternative Minimum Tax
Changes to the AMT went into effect for 2007 including AMT exemption amount increased
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Credit
For Prior Year Minimum Tax
If you have any unused minimum tax credit
carryforward from 2003 or earlier years, your minimum
tax credit allowable for 2007 is not less than the "AMT refundable
credit amount." In addition, a portion of the credit may be
refundable in 2007
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Health
Savings Accounts (HSA)
The minimum annual deductible of an High
deductible health plan (HDHP) increases to $1,100 ($2,200 for family coverage)
and the maximum annual deductible and other
out-of-pocket expenses limit increases to $5,500
($11,000 for family coverage)
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New This Year - Mortgage
Insurance Premiums Deductible
For the first time premiums that you pay or accrue
for "qualified mortgage insurance" during 2007 in connection with
home acquisition debt on your qualified home are deductible as home
mortgage interest
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Standard
Mileage Rates
For 2007, the standard mileage rate for the cost of
operating your car for business use is 48 ½ cents per
mile. The rate for 2008 is 50 ½ cents per mile
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Capital
Asset Treatment For Self-Created Musical Works
Musical compositions and copyrights in
musical works are generally not capital assets. However, you can elect
to treat these types of property as capital assets if you sell or
exchange them in tax years beginning after May 17, 2006, and
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