Several Tax Changes for 2007
Who says the IRS is not your friend. There will be several changes for tax season 07′ that may save you money or let you earn more without paying more in taxes.
1) The Personal and dependency exemption increases to $3,400 from $3,300.
2)The taxable income seperating the 15% bracket from the 25% bracket for married filing jointly will be $63,700, up from $61,300.
3) The standard deduction is up $400 to $10,700 for married filing jointly, $5,350 for married filing seperately, and up $300 to $7,850 for head of households.