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Tax Planning Info. for 2006
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2006 Tax Rates - Single Taxpayers -
Standard Deduction $5,150 |
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10% |
0 – 7,550 |
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15% |
7,551 – 30,650 |
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25% |
30,651 – 74,200 |
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28% |
74,201 – 154,800 |
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33% |
154,801 – 336,550 |
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35% |
Over 336,550 |
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2006 Tax
Rates - Married Jointly & Surviving Spouses -
Standard Deduction $10,300 |
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10% |
0 – 15,100 |
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15% |
15,101 – 61,300 |
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25% |
61,301 – 123,700 |
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28% |
123,701 – 188,450 |
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33% |
188,451 – 336,550 |
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35% |
Over 336,550 |
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2006 Tax
Rates - Married Filing Separately - Standard
Deduction $5,150 |
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10% |
0 – 7,550 |
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15% |
7,551 – 30,650 |
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25% |
30,651 – 61,850 |
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28% |
61,851 – 94,225 |
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33% |
94,226 – 168,275 |
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35% |
Over 168,275 |
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2006 Tax Rates - Head of
Household - Standard Deduction $7,550 |
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10% |
1 – 10,750 |
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15% |
10,751 – 41,500 |
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25% |
41,501 – 106,000 |
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28% |
106,001 – 171,650 |
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33% |
171,651 – 326,450 |
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35% |
Over 336,550 |
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2006 Tax Rates - Estates &
Trusts |
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15% |
1 – 2,050 |
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25% |
2,051 – 4,850 |
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28% |
4,851 – 7,400 |
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33% |
7,401 – 10,050 |
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35% |
Over 10,050 |
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Miscellaneous 2006 Tax Rates
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Personal Exemption |
$3,300 |
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Business equipment expensing deduction |
$108,000 |
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Prior-year safe harbor for estimated taxes of
higher-income |
110% of your 2005 tax liability |
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Standard mileage rate for business driving |
44.5 cents |
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Standard mileage rate for medical/moving driving |
18
cents |
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Standard mileage rate for charitable driving |
14
cents |
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Child
Tax Credit |
$1,000 |
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Unearned income maximum for children before kiddie
tax applies |
$850 |
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Maximum capital gains tax rate for taxpayers in the
10% or 15% bracket |
5% |
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Maximum capital gains tax rate for taxpayers above
the 15% bracket |
15% |
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Capital gains tax rate for unrecaptured Sec. 1250
gains |
25% |
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Capital gains tax rate on collectibles |
28% |
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Maximum contribution for Traditional/Roth IRA |
$4,000 if under age 50
$5,000 if 50 or older |
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Maximum employee contribution to SIMPLE IRA |
$10,000 if under age 50
$12,500 if 50 or older |
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Maximum Contribution to SEP IRA |
25% of compensation
up to $44,000 |
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401(k) maximum employee contribution limit |
$15,000 if under age 50
$20,000 if 50 or older |
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Self-employed health insurance deduction |
100% |
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Estate tax exemption |
$2,000,000 |
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Annual Exclusion for Gifts |
$12,000 |
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Randy
M. Reichstein, CPA |
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5300 N.
Braeswood #193 |
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Houston,
Texas 77096 |
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Phone - 713-667-6513 |
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Fax -
713-667-5958 |
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info@randyreichsteincpa.com |
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