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If you are employed and make at least $3,000 in earned income a check may be in your mailbox by May 2008.. Check the NEWS section or click here. Beware of tax scams. Reports have been received from taxpayers that have been approached about receiving the Economic stimulus check early. Checks will not be mailed until May 2008 at the earliest. Don't be fooled by claims of earlier distribution of these checks. |
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Quick Summary of the 2006 Tax Law ChangesSection 179 Expenses: (1) Expense up to $108,000, (2) Phase out threshold begins at $430,000, (3) amounts increase to $112,000 in 2007 with phase out going to $450,000 Adoption Credit: (1) Credit for 2006 is $10,960 per adopted child, (2) Phase out of credit begins at $164,410, (3) Credit goes to $11,390 in 2007 with phase out going to $170,820 Alternative Minimum Tax (AMT) increases in 2006 Capital gains Rates remain at 5% and 15% through 2007 Child and Dependant Care Credits: (1) maximum credit in 2006 is 35% with reduced credits starting at $15,000 of AGI, (2) Amount of eligible expense is $3,000 for one child and $6,000 for two or more Child Tax Credit: (1) Credit is extended to 2010, (2) Credit is $1,000 per child, (2) Child Tax Credit is refundable to a certain extend. Personal Exemption Amount increased to $3,300 for 2006 and $3,400 for 2007. Phase out based on AGI is possible. Residential Energy credits available. See News section on this site. Social Security: (1) Maximum wages subject to Social Security Tax is increased to $94,200 in 2006 and $97,500 in 2007 |
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