Table of Contents

• Publication 553 - Introductory Material
  • Introduction
• 1.   Tax Changes for Individuals
  • 2006 Changes
    • Credit for Federal Telephone Excise Tax
    • Alternative Minimum Tax (AMT)
    • Direct Deposit of Refund
    • Residential Energy Credits
    • Standard Mileage Rate
    • Alternative Motor Vehicle Credit
    • Alternative Fuel Vehicle Refueling Property Credit
    • Earned Income Credit (EIC) Amounts Increased
    • Standard Deduction Amount Increased
    • Exemption Amount Increased
    • Charitable Contributions
    • Educator Expenses Deduction
    • Tuition and Fees Deduction
    • Social Security and Medicare Taxes
    • Income Limits Increased for Hope and Lifetime Learning Credits
    • Earned Income for Additional Child Tax Credit
    • Limit on Itemized Deductions Increased
    • Deduction for State and Local General Sales Taxes
    • Health Savings Account (HSA) Deduction Limits Increased
    • Adoption Benefits Increased
    • Investment Income of Child Under Age 18
    • Income Limits Increased for Reduction of Education Savings Bond Exclusion
    • Increase in Deductible Limit for Long-Term Care Premiums
    • Medicare Part D Premiums Deductible as Medical Expenses
    • Increase in Limit on Long-Term Care and Accelerated Death Benefits Exclusion
    • Electric and Clean-Fuel Vehicles
    • Archer MSA Limits Increased
    • District of Columbia First-Time Homebuyer Credit Extended
    • Conflict-of-Interest Sales
    • Sale of Main Home by Employees of the Intelligence Community
    • Publication 1212, Guide to Original Issue Discount (OID) Instruments
  • 2007 Changes
    • Alternative Minimum Tax (AMT)
    • Standard Mileage Rate
    • Earned Income Credit (EIC)
    • Standard Deduction Amount Increased
    • Exemption Amount Increased
    • Charitable Contributions
    • Social Security and Medicare Taxes
    • Income Limits Increased for Student Loan Interest Deduction
    • Income Limits Increased for Hope and Lifetime Learning Credits
    • Earned Income Amount for Additional Child Tax Credit
    • Mortgage Insurance Premium Deduction
    • Limit on Itemized Deductions Increased
    • Health Savings Accounts (HSAs)
    • Adoption Benefits Increased
    • Income Limits Increased for Reduction of Education Savings Bond Exclusion
    • Credit for Prior Year Minimum Tax
    • Increase in Deductible Limit for Long-Term Care Premiums
    • Increase in Limit on Long-Term Care and Accelerated Death Benefits Exclusion
    • Archer MSA Limits Increased
    • Capital Asset Treatment for Self-Created Musical Works
    • Whistleblower Fees
    • Frivolous Tax Submissions
    • Expired Tax Benefits
• 2.   Tax Changes for Businesses
  • 2006 Changes
    • Depreciation and Section 179 Deduction
    • Self-Employment Tax
    • Social Security and Medicare Taxes
    • Domestic Production Activities Deduction
    • Deduction for Energy Efficient Commercial Building Property
    • Work Opportunity and Welfare-to-Work Credits Extended
    • Research Credit Expanded
    • Rehabilitation Credit
    • Meal Expenses When Subject to Hours of Service Limits
    • Reporting Designated Roth Contributions on Form W-2
    • Stock Basis Adjustments for S Corporation Shareholders
    • Employer-Owned Life Insurance Contract
    • Nonconventional Source Fuel Credit
    • Credit for Clean Renewable Energy and Gulf Tax Credit Bonds
    • Energy Efficient Home Credit
    • Investment Credit for Energy Property Expanded
    • Renewable Electricity, Refined Coal, and Indian Coal Production Credit
    • Fringe Benefit Parking Exclusion
    • Withholding Income Tax on Wages of Nonresident Aliens
    • Annual Employment Tax Filing for Small Employers
    • Environmental Cleanup Cost Deduction Extended and Expanded
    • Amortization of Musical Compositions and Copyrights
    • Energy Efficient Appliance Credit
    • Mine Rescue Team Training Credit
    • Appraiser Penalty
    • Extension of Expired Tax Benefits
    • Expired Tax Benefits
  • 2007 Changes
    • Depreciation and Section 179 Deduction
    • Self-Employment Tax
    • Social Security and Medicare Taxes
    • Domestic Production Activities Deduction
    • Work Opportunity Credit
    • Fringe Benefit Parking Exclusion and Commuter Transportation Benefit
    • Health Savings Accounts
    • Certain Transfers of Qualifying Geothermal or Mineral Interests
• 3.   IRAs and Other Retirement Plans
  • 2006 Changes
    • Last Day for Contributions and Withdrawals
    • Modified AGI Limit for Traditional IRA Contributions Increased
    • Nontaxable Combat Pay
    • Qualified Charitable Distributions
    • Qualified Public Safety Employees
    • Qualified Reservist Distributions
    • Rollovers From Designated Roth Accounts
    • Roth IRA Contribution Limit
    • Catch-Up Contributions to Thrift Savings Plan (TSP)
    • Traditional IRA Contribution and Deduction Limit
    • Qualified Plans
    • Simplified Employee Pensions (SEPs)
    • SIMPLE Plans
    • 403(b) Plans
  • 2007 Changes
    • Catch-Up Contributions if Employer Bankrupt
    • Income Exclusion for Retired Public Safety Officer
    • Modified AGI Limit for Traditional IRA Contributions Increased
    • Rollovers by Nonspouse Beneficiary
    • Modified AGI Limit for Retirement Savings Contribution Credit Increased
    • Rollover of Nontaxable Amounts
    • Modified AGI Limit for Roth IRA Contribution Increased
    • Qualified Plans
    • Simplified Employee Pensions (SEPs)
    • SIMPLE Plans
    • 403(b) Plans
• 4.   Exempt Organizations
  • 2006 Changes
    • Public Inspection Requirements of Section 501(c)(3) Organizations
    • Political Organizations
• 5.   Estate and Gift Taxes
  • 2006 Tax Changes
    • Estate Tax Applicable Exclusion Amount Increased
    • Annual Exclusion for Gifts Increased
    • Maximum Estate and Gift Tax Rate Reduced
    • Generation-Skipping Transfer (GST) Exemption
  • 2007 Changes
    • Annual Exclusion for Gifts to Spouses Increased
    • Maximum Estate and Gift Tax Rate Reduced
• 6.   Excise Taxes
  • Credit for Kerosene Used in Noncommercial Aviation
    • Claims for purchases during tax years beginning in 2005.
    • Claims for purchases during tax years beginning in 2006.
  • Changes Effective for the First Quarter of 2006
    • Air Transportation Taxes
    • Arrow Shafts
    • Renewable Diesel
    • Diesel-Water Fuel Emulsion
    • Taxable Tires
    • Claims for Exempt Sales of Fuel by Registered Credit Card Issuers
  • Changes Effective for the Second Quarter of 2006
    • Reinstatement of the Oil Spill Liability Tax
  • Changes Effective for the Third Quarter of 2006
    • Communications Tax
  • Changes Effective for the Fourth Quarter of 2006
    • Alternative Fuel
  • Changes Effective for the First Quarter of 2007
    • Air Transportation Taxes
    • Arrow Shafts
    • Diesel Fuel Used in Trains
    • Inland Waterways Fuel Use Tax
    • Taxable Vaccines
    • Qualified Blood Collector Organizations
  • Changes Effective for the Tax Period Beginning July 1, 2007
    • Heavy Highway Vehicle Use Tax (Form 2290)
• 7.   Foreign Issues
  • 2006 Changes
    • Foreign Earned Income Tax Worksheet
    • Exception From the Filing Requirement for Nonresident Aliens
    • Foreign Earned Income and Housing Exclusions
    • Source of Compensation for Labor or Personal Services
  • 2007 Changes
    • Foreign Earned Income and Housing Exclusions
    • Foreign Tax Credit
• 8.   How To Get Tax Help
  • Low income tax clinics (LITCs).
• Index