Costin + Company Certified Public Accountants: Tax Services

Tax Information
2007

» 2007 Tax Year
Changes

» 2007 Individual
Tax Rates

» 2007 Deductions
and Exemptions

» 2007 FICA
Tax Rates

» 2007 Corporate
Tax Rates

» 2007 Estate and
Gift Taxes

» 2007 Tax Credits

» 2007 Phase-out
Levels

» Key Tax Terms

^{2007
taxable
income* phase-out Levels}

The following are the phase-out levels for deductions, exemptions, credits and adjustments:

Itemized Deductions
Single/Joint/Head of household Married filing separately	$156,400 $ 78,200
Personal Exemption
Single Joint returns & surviving spouse Married filing separately Head of household	$156,400-278,900 $234,600-357,100 $117,300-178,550 $195,500-318,000
Child Credit ($1,000 per child)
Single/Head of household Joint Married filing separately	Starts at $75,000 Starts at $110,000 Starts at $55,000
IRA Deductibility (With Company Pension)
Single/Head of household Joint Married filing separately	$52,000-62,000 $83,000-103,000 $0-10,000
Roth IRA Eligibility
Single/Head of household Joint Married filing separately Rollover of regular IRA to ROTH IRA (not allowed for married filing separately)	$99,000-114,000 $156,000-169,000 $0-10,000 $100,000
Education Savings Account (Education IRA)
Single/Head of household/ Married filing separately Joint	$95,000-110,000 $190,000-220,000
Hope/Lifetime Learning Credits
Single/Head of household Joint Married filing separately	$47,000-57,000 $94,000-114,000 $0
Education Loan Interest Deduction
Single/Head of household Joint Married filing separately	$55,000-70,000 $110,000-140,000 $0
College Savings Bond Interest Exclusion
Single/Head of household Joint Married filing separately	$65,600-80,600 $98,400-128,400 $0
*Adjusted or modified adjusted gross income.

*Personal service corporations pay a flat 35%

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