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Published byHugo Heath Modified over 9 years ago
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Important Changes These will be covered in more depth in the appropriate lesson: - Standard Deduction - Exemption Amount - Standard Business-related Mileage Rate - Medical and Move-related Mileage Rate - Charitable-related Mileage Rate - Charitable Contributions
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Important Changes Earned Income Credit (EIC): - EIC maximum credits for tax year 2006 - Maximum income a taxpayer can earn to qualify for EIC - Investment income limitations - Nontaxable Combat Pay Election Extended
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EITC Assistant EITC Assistant: online tool for determining EITC eligibility. in English and Spanish. at www.IRS.gov, 24 hours a day 7 days a week.
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Important Changes Other Changes –Child Tax Credit –Maximum Social Security Wages –Education Credits –Investment Income of Minor Children –Self-Employment Tax –IRAs and Other Retirement Plans
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Important Changes Other Changes –Combat Pay & Individual Retirement Plans –Residential Energy Credits –Alternative Motor Vehicle Credit –Qualified Electric Vehicle Credit –Refund of Long-Distance Telephone Tax –Split Refund Pending Legislation
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