Bankrate has several lists of various tax-related information that I'm sure all of you will be interested in. They list:
- 2007 tax rates -- Can anyone say "yikes!"?
- 2007 exemption amounts -- "You can take an exemption deduction for yourself, your spouse and each dependent you claim. On 2007 returns, this exemption amount is $3,400 per person. Some taxpayers, however, will see their personal exemption amount reduced if they make over a certain limit." How lovely. :-(
- 2007 tax forms you need -- If I'm only a recreational fisherman, do I still fall into the first group? ;-)
- 2007 deduction amounts -- Standard deductions:
- Single: $5,350
- Head of household: $7,850
- Married filing jointly: $10,700
- Qualifying widow or widower: $10,700
- Married filing separately: $5,350
I don't know about you, but I'm already tired of tax season.
What I need to know is the income limit on education credits. I was over the limit last year, but I hope they raised the income limit just a little. I deferred some just in case.
Posted by: Ron@TheWisdomJournal | January 22, 2008 at 09:10 PM
"2007 Tax rates - Can anyone say 'yikes!'?" - While our tax system is complicated and Byzantine, don't we in the US enjoy some of the lowest tax rates in the world? - especially if you are in the upper quartile and know how to plan and work towards the numerous available deductions
Posted by: Phil | January 23, 2008 at 06:02 AM
I wish the election was on April 16 instead of in November
Posted by: Jeff | January 23, 2008 at 09:28 AM
Ron - for MFJ the phaseout starts at $94k, ends at $114k, single and the rest are half those amounts, MFS doesn't qualify.
Don't forget the tuition and fees deduction though, it phases out between $130k and $160k for MFJ, half for the rest.
Posted by: Kevin | January 23, 2008 at 11:26 AM