- Standard Deduction: Increased to $6,900 for married filing joint; $4,150 for singles.
- Personal Exemption: Increased to $2,650.
- Mileage Rate: Business standard mileage rate raised to 31.5 cents/mile.
- Adoption Credit: Up to $5,000 credit per eligible child.
- Medical Savings Accounts: Pilot program begins for small businesses.
- Long-Term Care: Premiums become deductible as medical expenses.
- Spousal IRAs: Non-working spouses can now contribute up to $2,000 to an IRA.
- Accelerated Death Benefits: Tax-free treatment for terminally ill policyholders.
- Luxury Tax: Auto luxury tax rate drops to 8%.
- Home Office: Deduction allowed for storage of product samples.
- Self-Employed Health Insurance: Deduction increases to 40%.
Free Consultation
(877) 4-REFUND