Tuesday, December 5, 2006

Tax information for 2006

BLOG SITES:

http://www.bloglines.com/blog/TaxMan


http://wwwtaxman.blogspot.com/



Mileage in 2006 (returns due in 2007)
Business 48½ ¢
Medical 20 ¢
Moving 20 ¢
Charity 14 ¢
Standard Deduction:
Single $ 5150
MFJ $ 10300
HOH $7550

For dependent's return
Earned income + $300
Not to exceed $5150

Social Security
Full SS at 65 yr 10 mo:
< 65 yr 10 mo Can Earn $12,960 W/O reduction
Max out at 97,500 earnings

Total per diem:
Hi Cost $256
Other $ 148
Meals only:
Hi Cost $ 58
Other $ 45

Roth IRA Phase-Out
MFJ 150k – 160k
Single HOH 95K – 110K
MFS 0 to 10000

To Recharacterize or Convert to Roth:
AGI < 100,000

In 2010:
Spread tax over 2 yrs in 2010 conversion
Can make nondeduct contr now if <70½ then convert

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