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Highlights of Tax Changes

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The following information is a brief overview of some of the tax law changes that came into effect in 2006.
  1. Standard Business Mileage Rate -The optional standard mileage rate for operating your car for business is 44.5 cents per mile for all business miles driven in 2006. For more detailed information, refer to Publication 463, Travel, Entertainment, Gift, and Car Expense, and Publication 535, Business Expenses.
  2. Adoption Tax Benefits -The maximum adoption credit or exclusion is $10,960 for 2006. See Form 8839 Instructions, Adoption Credit, for more information.
  3. Standard Deduction Marriage Penalty Relief -The 2006 basic standard deduction for married taxpayers filing a joint return is $10,300.00, Head of Household $ 7,550.00, and Married filing separate or single taxpayers is $ 5,150.00.

Source: IRS.gov

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