2006 IRS Tax Law changes summary:

IRS Tax Law changes:

Courtesy of: Duane@DuaneGomer.com 800-439-4909 Visit wwwDuaneGomer.com

1. The gift tax annual exclusion is $12,000 for 2006.

2. The capital gains rate of 15% was extended through 2010. For 2006 taxpayers in the 10%-15% tax rate will pay 5% tax on capital gains.

3. Business mileage is $.445 for 2006 and will be $.485 for 2007 (check Pub. 463).

4. Telephone Excise Tax Refund (TETR) is a one-time payment available on your 2006 federal income tax return. It is designed to refund previously collected long distance telephone taxes. Individuals, businesses and tax-exempt organizations are eligible to request it. Businesses and tax-exempts can dig through their old bills. Or they can review their bills for 2 months and use a special formula to figure the refund.

For more information on any of these topics go to http://www.irs.gov. While you are there, checkout Publication 523 – Selling a Home.

Courtesy of: Duane@DuaneGomer.com
800-439-4909
Visit wwwDuaneGomer.com

=========================================

Web site locations: for further reference:

Tax Law Changes Related to Foreign Issues
... Tax Law Changes Related to Foreign Issues ... Tax Law Changes Related to Foreign Issues ... Topic Listing — 2006 and Later Tax Years ...
http://www.irs.gov/formspubs/article/0,,id=118912,00.html - 11.2KB
14 Dec 06

... Tax Law Changes May Affect People Giving to ... Recent Tax Law Changes May Affect People Giving to ... The new law does not change the prior-law requirement that a taxpayer get ...
http://www.irs.gov/newsroom/article/0,,id=164997,00.html - 17.5KB
14 Dec 06
Tax Law Changes for Individuals
... Tax Law Changes for Individuals ... Tax Law Changes for Individuals ... cost of operating your car changes to 44.5 cents a ...
http://www.irs.gov/formspubs/article/0,,id=109876,00.html - 27.0KB
12 Dec 06
Tax Law Changes for Businesses
... Tax Law Changes for Businesses ... Tax Law Changes for Businesses ... Topics — Tax Year 2006 ...
http://www.irs.gov/formspubs/article/0,,id=109879,00.html - 14.8KB
26 Nov 06
Tax Law Changes for Gifts and Estates and Trusts
... Tax Law Changes for Gifts and Estates and ... Tax Law Changes for Gifts and Estates and ... 2006 federal tax rates for estates and trusts ...
http://www.irs.gov/formspubs/article/0,,id=112782,00.html - 18.5KB
26 Nov 06
Tax Law Changes Related to Excise Taxes
... Tax Law Changes Related to Excise Taxes ... Tax Law Changes Related to Excise Taxes ... Communications Excise Tax, Toll Telephone Service ...
http://www.irs.gov/formspubs/article/0,,id=118913,00.html - 12.0KB
26 Nov 06
Tax Law Changes for All Taxpayers
... Tax Law Changes for All Taxpayers ... Tax Law Changes for All Taxpayers ... Publication 553, Highlights of 2006 Tax Law Changes, available soon. -- 10-NOV-2006 ...
http://www.irs.gov/formspubs/article/0,,id=120300,00.html - 10.2KB
26 Nov 06
Tax Law Changes for IRAs and Other Retirement Plans
... Tax Law Changes for IRAs and Other Retirement ... Tax Law Changes for IRAs and Other Retirement ... 403(b) Plan Changes ...
http://www.irs.gov/formspubs/article/0,,id=117542,00.html - 24.3KB
14 Nov 06
Tax Law Changes for Exempt Organizations
... Tax Law Changes for Exempt Organizations Tax Law Changes for ... Law Changes for Exempt Organizations Tax Law Changes for Exempt Organizations Additional Filing Requirements The Pension Protection Act ...
http://www.irs.gov/formspubs/article/0,,id=118918,00.html - 14.2KB
13 Nov 06