By J.K. Lasser Institute
Plain-English reasons of the hot tax legislation every year, advanced new tax legislation are created–and this 12 months is not any exception. From substitute minimal tax aid via greater exemption quantities to raised ordinary deduction quantities for nonitemizers, the principles of the tax video game are continuously altering. The query is: will you may have a technique in position to utilize those alterations? Written by means of the famous authority in taxes, J.K. Lasser’s New Tax legislation Simplified 2004 transforms the advanced new tax legislation into uncomplicated English that any taxpayer can comprehend. packed with up to the moment evidence and figures in addition to quite a few examples and tables, this ebook makes it effortless that you should understand–and revenue from–the legislation that govern your taxes. With this booklet, you’ll comprehend: the recent tax therapy of capital earnings and dividends the major tax adjustments that impact you at once principles being phased-in over the subsequent numerous years alterations to varied deductions, tax breaks, and credit New tax breaks to enhance your family’s schooling swifter, more uncomplicated retirement mark downs recommendations and masses, even more!
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Extra resources for J.K. Lasser's New Tax Law Simplified 2004: Get a Bigger Refund (J.K. Lasser)
There is no limit on the number of exemptions that can be claimed. The amount of each exemption for 2003 is $3,050 (up from $3,000 in 2002). Thus, a family of four—two parents and two children—will have an additional $200 deduction in 2003 as compared with 2002 ($3,050 × 4 versus $3,000 × 4). Caution The higher exemption amount can be a detriment in certain cases. While it certainly boosts write-offs for regular tax purposes, those with a large number of dependents may ﬁnd themselves subject to the alternative minimum tax.
A qualifying child must live with the taxpayer for at least six months of the year. , prevent taxpayers from claiming a credit to which they are not entitled), taxpayers contacted by the IRS can “precertify” that their child meets the six-month residency test. Precertifying means that credit claims will be processed more promptly to ensure quicker refunds. qxd 10/8/03 2:13 PM Page 35 CHILD AND DEPENDENT CARE TAX CREDIT the child’s residency to the tax return (instead of the precertiﬁcation form).
This increase applies for 2003 and 2004. 3. FIFTEEN PERCENT INCOME TAX BRACKET. 4 Tax Year Applicable Percentage 2005 174% 2006 184 2007 187 2008 190 2009 and thereafter 200 For 2003 and 2004, the standard deduction for joint ﬁlers is increased to double the amount allowed for singles. 4. STANDARD DEDUCTION. There is no marriage penalty relief with respect to the child tax credit in 2003. However, starting in 2008, the threshold will increase as discussed earlier in this chapter. THRESHOLD FOR THE CHILD TAX CREDIT.