WHAT’S NEW

2007 Tax Law Changes

• IRS plans to conduct 13,000 National Research Program Audits for 2006 return


• Capital Gains Rate is 0% for low income tax brackets


• Kiddie Tax for children extended to children under age 24


• Mortgage Insurance Premiums are now deductible
• Energy Credits for energy-saving improvements still available


• 179 Bonus Depreciation increased to $125,000


• One time Rollover allowed from Health Savings Accounts to IRA


• Pension Plan Rollovers allowed for non-spouses upon death of employee


• Domestic Production Activity Deduction increases 100%


• Research Tax Credit extended and increased


• Increased IRS audits on filers who claim the Earned Income Credit