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New 2006 Tax Law Deductions
from:Each year, there are some changes to the tax code. Some save taxpayers money and others cost them money. And while not every change will affect you personally, it’s important to know the changes so that you file your taxes properly.
One of the new 2006 tax law deductions includes a decrease in tax rates for everyone. The top four income tax rates will be lowered once again to 25%, 28%, 33%, and 35%. The 10% and 15% rates still apply.
Another of the new 2006 tax law deductions includes eliminating the phase outs of personal exemptions. In the past, some personal exemptions phased out (or reduced) as your income rose. Starting in 2006, the deduction phase out will be reduced by one third. In 2008, it will be reduced by two thirds, and in 2010, the phase out will disappear entirely.
Another new 2006 tax law deductions includes an increase in the tax free amount you can contribute to your IRA. This change applies to those who contribute regularly to a retirement fund such as a 401k or 403b plans as well as those who contribute to their own simple IRAs. Beginning in 2006, the maximum employee contribution to a 401k and 403b increases to $15,000 per year. In addition, catch up contributions for those over the age of 50 have increased and the income phase out for married couples has increased by $5000. Over the next few years, this income phase out will go away, too. This change makes it easier for couples to save for retirement regardless of their income level. In the past, married couples were penalized in the amounts they could contribute, compared to single people. This change equalizes that law. For this reason, the change only applies to married couples, not those who file singly.
Whenever you’re interested in new 2006 tax law deductions, or deductions for any other year, you can always consult your tax advisor. It’s their job to know all new 2006 tax law deductions and to keep up with them year to year. Using a tax preparer each year will cost you some money, but it often saves you money in the long run, simply because a professional preparer is likely to find deductions that you would miss.
In addition, each year, the IRS produces a publication that outlines the changes for the year. Reading this publication each year can help you to stay abreast of the changes that apply to you. Paying taxes appropriately can be complex, but if you keep abreast of each year’s new changes, you’ll be right on track.
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