I've been doing my professional education for upcoming tax season. Yes, I do individual and corporate taxes as part of my CPA practice.
Here's some changes for this year's returns (CY 2007) due on 4/18/08:
- The amount for personal exemptions was raised to $3,400.
- Itemized deductions start to phase out when Adjusted Gross Income (AGI) reaches $156,400.
- The business mileage rate is 48.5 cents per mile.
And of course, lots of other stuff to update on, too. - Always!