Archive for the ‘2007 Tax Year’ Category

2007 Additional Information – Standard Mileage Rates

Monday, January 1st, 2007

Business travel 48.5¢ Medical/moving 20¢ Charitable use 14¢

2007 Additional Information – Section 179 Expense Election

Monday, January 1st, 2007

maximum deduction limited to taxable income from trade or business $112,000 Reduction if cost of Section 179 property exceeds $450,000

Federal Tax Rate Schedules for 2007 – Heads of Households

Monday, January 1st, 2007

Taxable Income   Over But Not Over   Pay   + % onExcess   of amountover $ 0 $11,200 $ 0 10 % $ 0 11,200 42,650 1,120.00 15 11,200 42,650 110,100 5,837.50 25 42,650 110,100 178,350 22,700.00 28 110,100 178,350 349,700 41,810.00 33 178,350 349,700 no limit 98,355.50 35 349,700

Federal Tax Rate Schedules for 2007 – Married Individuals Filing Separately

Monday, January 1st, 2007

Taxable Income   Over But Not Over   Pay   + % onExcess   of amountover $ 0 $7,825 $ 0 10 % $ 0 7,825 31,850 782.50 15 7,825 31,850 64,250 4,386.25 25 31,850 64,250 97,925 12,486.25 28 64,250 97,925 174,850 21,915.25 33 97,925 174,850 no limit 47,300.50 35 174,850

Federal Tax Rate Schedules for 2007 – Married Filing Jointly and Surviving

Monday, January 1st, 2007

Taxable Income   Over But Not Over   Pay   + % onExcess   of amountover $ 0 $15,650 $ 0 10 % $ 0 15,650 63,700 1,565.00 15 15,650 63,700 128,500 8,772.50 25 63,700 128,500 195,850 24,972.50 28 128,500 195,850 349,700 43,830.50 33 195,850 349,700 no limit 94,601.00 35 349,700

Federal Tax Rate Schedules for 2007 – Single Individuals

Monday, January 1st, 2007

Taxable Income   Over But Not Over   Pay   + % onExcess   of amountover $ 0 $7,825 $ 0 10 % $ 0 7,825 31,850 782.50 15 7,825 31,850 77,100 4,386.25 25 31,850 77,100 160,850 15,698.75 28 77,100 160,850 349,700 39,148.75 33 160,850 349,700 no limit 101,469.25 35 349,700

2007 Annual Limits Relating to Financial Planning – Long Term Care Insurance

Monday, January 1st, 2007

Per diem limit $260 Premium as a deductible medical expense limitation    Age 40 or under    Age 41 – 50    Age 51 – 60    Age 61 – 70    Age 71 or older $290$550$1,110$2,950$3,680

2007 Annual Limits Relating to Financial Planning – Medicare

Monday, January 1st, 2007

Monthly premium: Part A/Part B $410/$93.50 Part A coverage    First 60 days patient paid deductible    Next 30 days patient pays per day    Next 60 days patient pays per day $992$248$496 Part B coverage    Deductible    Coinsurance $13120% Skilled Nursing Benefits    First 20 days patient pays per day    Next 80 days patient pays per day    Over 100 days patient pays per day $0$144All costs

2007 Annual Limits Relating to Financial Planning – Social Security

Monday, January 1st, 2007

Taxable Wage Base $97,500 Cost of living adjustment  3.3% Quarter of coverage $1,000

2007 Annual Limits Relating to Financial Planning – Education Funding Incentives

Monday, January 1st, 2007

Phaseout for Education Savings Accounts    Single    married filing jointly $95,000 – $110,000$190,000 – $220,000 Phaseout of exclusion for EE bonds    Single    married filing jointly $65,600 – $80,600$98,400 – $128,400 Phaseout of Hope Scholarship and Lifetime Learning Tax Credits    Single    married filing jointly $47,000 – $57,000$94,000 – $114,000 Phaseout of Deductibility of Student Loan Interest    Single    married filing jointly $55,000 – $70,000$110,000 – $140,000 […]