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  • Casual Articles - Taxes: The Plan Ahead, Not the Look Behind

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    heads of household.

    •Save more money with retirement contributions into your 401(k) or 403(b). Limits have been increased to $15,000. If you are at least ag

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    The word ‘taxes’ has a negative affect on people. It makes us look away, it upsets us and we make lots of grunting noises. But that’s looking at the previous year and preparing for the tax season. What about planning for 2006? Can we actually plan ahead for taxes?

    Yes, it is possible. It’s important to begin our discussion on taxes by knowing what tax changes are taking affect. So I’d thought I’d get you started in the right direction. Here are some of the tax benefits coming your way in 2006 for your 2007 filings.

    •Standard Deduction will increase to $10,300 for married couples filing jointly, $5,150 for singles and $7,550 for heads of household.

    •Save more money with retirement contributions into your 401(k) or 403(b). Limits have been increased to $15,000. If you are at least age

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    and preparing for the tax season. What about planning for 2006? Can we actually plan ahead for taxes?

    Yes, it is possible. It’s important to begin our discussion on taxes by knowing what tax changes are taking affect. So I’d thought I’d get you started in the right direction. Here are some of the tax benefits coming your way in 2006 for your 2007 filings.

    •Standard Deduction will increase to $10,300 for married couples filing jointly, $5,150 for singles and $7,550 for heads of household.

    •Save more money with retirement contributions into your 401(k) or 403(b). Limits have been increased to $15,000. If you are at least ag

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    ussion on taxes by knowing what tax changes are taking affect. So I’d thought I’d get you started in the right direction. Here are some of the tax benefits coming your way in 2006 for your 2007 filings.

    •Standard Deduction will increase to $10,300 for married couples filing jointly, $5,150 for singles and $7,550 for heads of household.

    •Save more money with retirement contributions into your 401(k) or 403(b). Limits have been increased to $15,000. If you are at least ag

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    your way in 2006 for your 2007 filings.

    •Standard Deduction will increase to $10,300 for married couples filing jointly, $5,150 for singles and $7,550 for heads of household.

    •Save more money with retirement contributions into your 401(k) or 403(b). Limits have been increased to $15,000. If you are at least ag

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    heads of household.

    •Save more money with retirement contributions into your 401(k) or 403(b). Limits have been increased to $15,000. If you are at least age 50 before the end of 2006, you can now contribute an additional $5,000. Every little bit helps.

    •Estate and Gift Tax are certainly getting a gift. The exception amount increases to $2M and the maximum marginal tax rates dropped 1% to 46%.

    •Hybrid cars are the new ‘in’ thing and you’ll get rewarded for it too. But buy it fast to get your $2,400 tax credit. It’s only good for the first 60,000 vehicles per manufacturer.

    •Income Limits Increase for Deductible IRA’s. Although regular IRA and Roth contributions limit of $4,000 haven’t changed, people age 50 or older can put in another $1,000 for a total of $5,000 for the year.<

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