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Business Telephone Excise Tax Credit
Individual Telephone Excise Tax Credit
§179 Deduction
Health Savings Accounts
2005 Retirement Plan Limits
§199 Manufacturer
Kiddie Tax
Alternative Minimum Tax
Capital Gains and Qualified Divi
ROTH Designated §401
§179 And SUV's
2005 Standard Deduction
Optional Sales Tax Deduction
Vehicle Donations
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§179 Limits Extended
The §179 deduction amounts have been extended through 2009. The limits
for 2006 are a maximum §179 deduction of $108,000 (limited to business net income). The
deduction phases out for property acquisitions in excess of $430,000 for 2006.
Here are various rate increases for the year 2004.
| Item |
2003 |
2004 |
| Standard Mileage Rate |
36 cents/mi. |
37.5 cents/mi |
| Charity miles |
14 cents/mi. |
unchanged |
| Medical miles |
13 cents/mi |
14 cents/mi |
| Moving miles |
13 cents/mi |
14 cents/mi |
Standard Deduction
-- Joint |
|
|
| $9,500 |
$9,700 |
| -- Single |
$4,750 |
$4,850 |
| Personal Exemption |
$3,050 |
$3,100 |
| Gift Tax Exclusion |
$11,000 |
$11,000 |
| FICA Wage Maximum |
$87,000 |
$87,900 |
Roth IRA or Trad. IRA
Contribution Maximum |
$3,000 |
$3,000 |
| 401(k) Maximum Deferrals |
$12,000 |
$13,000 |
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