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7
Tax Law Changes
for 2007
New law for
record keeping
of charitable
contributions.
You must have
a record of
any cash contributions
you made to
a charity in
2007 in order
to deduct the
contribution.
The record could
be a cancelled
check or copy
of a cancelled
check, a bank
statement that
shows the date,
amount and name
of the charity,
or a letter
from the charity
showing the
amount and date.
The earned income
amount for the
additional child
tax credit has
increased to
$11,750.
The earned income
credit amount
for one qualifying
child has increased
to $2,853. if
you have more
than one child
the maximum
earned income
credit is $4,716
and $428 for
no children.
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The maximum
earned income
amount has also
increased to
$39,783 if you
are married
and filing a
joint tax return
or $37,783 if
you are single
or filing separately
with more than
one child. If
you have only
one child, the
maximum earned
income amount
is $35,241 if
you are filing
a joint return
or $33,241 if
you are single
or filing separately.
If you have
no children
the maximum
amount is $35,241
for joint returns
and $12,590
if you are single
or filing separately.
The amount of
investment income
that you are
allowed to have
and still receive
the earned income
credit has increased
to $2,900.
The tax relief
granted for
victims of hurricane
Katrina, Rita
and Wilma has
expired for
the tax year
2007. Also,
you cannot claim
the qualified
electric vehicle
credit.
Your may qualify
to deduct 10
percent of your
mortgage insurance
premiums for
2007. The new
tax laws allow
qualifying mortage
insurance premiums
to be treated
as mortgage
interest on
your Schedule
A.
The maximum
amount of taxable
social security
wages has increased
to $97,500 under
the new tax
laws for 2007.
Deductible mileage
has increased
to 48.5 cents
per mile for
business related
miles. The deductible
mileage allowed
for qualifying
medical or moving
related trips
has increased
to 20 cents
per mile.
To make sure
that you get
the most out
of the 2007
tax law changes
you may want
to consider
using a qualified
income tax
preparer or
having your
income tax
return prepared
by an online
income tax
service.
Additional information
of interest
that was not
included in
the top 7 tax
law changes
applies to individuals
and married
filers of forms
1040, 1040A
and 1040EZ.
The standard
deductions have
been increased
to $5,350 for
single or married
filing separately
and $10,700
for married
filing jointly.
If you file
as head of household
(single with
one or more
dependents),
the standard
deduction is
$7,850. If you
are over the
age of 65 or
blind, you can
add an additional
$1,300 to your
standard deduction
and an additional
$1,050 if you
file a joint
return and your
spouse is also
blind or over
65. If your
itemized deductions
are more than
the standard
deductions you
will want to
use the itemized
deductions instead.
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