Tax Law Changes For 2005

As the year winds down, knowing the latest Tax Law Changes for 2005 could prove useful.

Some to note...

You are eligible to claim Earned Income Credit if married and household income is below $37,263

The 50% reduction of max electric vehicle credit has been eliminated

Exemption amounts increased from $3,100 to $3,200

Standard deduction amounts have increased

Business mileage reimbursement rates up to 40.5 cents/mile ( 48.5 cents after September 1)

What you'll owe in taxes this year ( based on Taxable Income Amount )...

All Tax Rate Schedules