INSIGHTS & IDEAS

2007 inflation adjusted figures released by IRS

In Rev. Proc. 2006 – 53,  the IRS lists various tax items that are adjusted for inflation, effective in 2007.  Here are some of the changes:

 

The value of each personal and dependency extension for most taxpayers will be $3,400.

 

Standard deduction for married couples filing a joint return is $10,700, $5,350 for singles and $7,850 for heads of households.

 

Tax Bracket Thresholds have been increased.  For example, married couples filing a joint return will be in a 15% tax bracket up to $63,700 and a 33% tax bracket starting at $195,850 taxable income. 

 

The maximum Section 179 depreciation for 2007 is $112,000. 



<< Back to Insights & Ideas