D'Arcanglo & Co., LLP
2006 - 2007 Miscellaneous Federal Tax Data

2006/2007 Miscellaneous Federal Tax Data
  
2006
2007
Standard Deduction  

Married Filing Jointly

 $10,300 $10,700

Head of Household

 $7,550 $7,850

Single

 $5,150 $5,350

Married Filing Separate

 $5,150 $5,350
 
  

Additional Amount for Aged and Blind

 $1,000 $1,050
Additional Amount for Aged and Blind
  

    if unmarried and not a surviving spouse

 $1,250 $1,300
   

Personal Exemption

 $3,300 $3,400
      
Standard Mileage Rates  

Business - January - August

September - December

44.5 cents per mile

 

48.5 cents per mile

 
Charitable
 14.0 cents per mile 14.0 cents per mile

Medical and Moving

 18.0 cents per mile 20.0 cents per mile
     
Gift Tax Annual Exclusion $12,000 $12,000
   
Pension & Retirement Plan Limits  
Deferral Limits
    

401(k)

 $15,000 $15,500

Simple

 $10,000 $10,500

Catch-Up Contributions (Age 50+)

    

401(k)

 $5,000 $5,000

Simple

 $2,500 $2,500
Traditional IRA
 $4,000 $4,000

Traditional IRA, Catch-Up (Age 50+)

 $4,500 $5,000
Defined Contribution - Maximum Amount
 $44,000 $45,000
     
Section 179 Deduction $108,000 $112,000
As of October 22, 2004, the maximum amount that can be claimed for SUV's weighing between 6,000 and 14,000 pounds is $25,000.