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View Full Version : Tax Law Changes For 2007


vagabond
01-11-2008, 02:55 PM
With the start of tax season, I wanted to advise members of some tax law changes which may result in a refund or a bigger refund for you. I have linked the IRS page (http://www.irs.gov/formspubs/article/0,,id=109876,00.html)that details all the changes. Of course, you should always contact your CPA for specific questions.

Of particular interest to those in the lower income bracket (no, not my FedEx friends! :)) are the qualified mortgage interest deduction (Pub 936), the increased Earned Income Tax Credit limits (Pub 596), and the Standard Mileage is now up to 48.5 cents per mile (Pub 463). Also note the new recordkeeping requirement for cash contributions (Pub 526).