The following information is a brief overview of some of the tax law changes
that came into effect in 2004.
Standard Business Mileage Rate –The optional
standard mileage rate for operating your car for business is 37.5 cents per
mile for all business miles driven in 2004. For more detailed information,
refer to Publication 463, Travel, Entertainment, Gift, and Car Expense,
and Publication 535, Business Expenses.
Adoption Tax Benefits –The maximum adoption
credit or exclusion has increased from $10,160 to $10,390. See Publication 968, Tax Benefits for Adoption, for more information.
Standard Deduction Marriage Penalty Relief –The
basic standard deduction for married taxpayers filing a joint return is $9,700.00,
Head of Household $ 7,150.00, and Married filing separate or single taxpayers
is $ 4,850.00.
