IRS Tax Law Changes
December 19, 2006 | Personal Finance | 
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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.
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.
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