Taxes

I hate to bring this up, but there are folks who will file their taxes in January.
No, I don't know why.

New Tax Law Changes for 2006 That May Affect Your Taxes.
Credit for long distance federal excise tax paid: If you paid the federal excise tax on your long distance or bundled telephone service between 2/28/03 and 8/1/06, you may be able to claim a credit for either the actual amount of tax paid or a standard amount.
Split refunds: If you choose direct deposit of your refund, you may be able to split the refund into two or three accounts.
Residential energy credits: You may be able to take two new residential energy credits if you made energy saving improvements to your home in 2006.
Standard mileage rates: The standard mileage rate for the cost of operating your car is 44.5 cents a mile for all business miles driven in 2006 and 18 cents for medical reasons and determining moving expenses.
Clothing and household items: If you donate clothing and household items to a qualified organization, the items must be in good used condition or better for you to claim a charitable contribution deduction.
Child under 18: The age at which a child's investment income may be reported on the parent's return has been increased from age 14 to age 18.
Earned Income Credit (EIC): The maximum amount of income you can earn and still get EIC increased. The amount depends on your filing status and number of children. The maximum amount of investment income you can have and still be eligible for the credit has increased to $2,800.
Traditional IRA income limits: You may be able to take an IRA deduction if you were covered by a retirement plan, your AGI is less than $85,000, and you are married filing jointly or a qualifying widow(er).


Tax Law Changes : Tax-Year 2006 Individuals
Pick a topic from the list below to learn about the tax changes:
Child Under 18
Limit on Itemized Deduction
Clothing and Household Items
Traditional IRA Income Limits
Alternative Minimum TaxStandard Mileage Rate
Adoption Credit
Qualified Electric Vehicle Credit
Alternative Fuel Vehicle Refueling
Credit for Federal Telephone Excise Tax Paid
Residential Energy CreditsStandard Mileage Rates
Charitable contributions
Earned Income Credit
Electric and alternative motor vehicles
Exemption amounts
Social security and Medicare taxes
Split refund option
Standard deduction
Standard mileage rates
Tax-exempt interest reporting

SOURCE: Tax Act Website
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