Tax Law Changes
New standard mileage rates for the 2007 tax year:
Business mileage: 48 1/2 cents per mile
Mileage related to other charitable work: 14 cents per mile
Mileage related to medical trips: 20 cents per mile
Mileage related to moving expenses: 20 cents per mile
New charitable contribution documentation rules
New energy credit rules for federal income tax
Hybrid Vehicle Credit information
The IRS is paying more attention to the definition of a dependent this year.
What’s new for the 2006 and 2007 tax years:
