2006 HIGHLIGHTS

CHANGES TO REVIEW

Business mileage rate back to 48.5¢ on Jan.1, 2007.

Standard deductions now Singles at $5,150 and $10,300 for married couples.

Personal exemptions increased to $3,300

Kiddy Tax...Children now under age 18, with investment earnings (Interest & Dividends) will be subject to the parents high tax rate.

We are striving to provide you with additional information to give you the service you are entitled to. We appreciate your business and hopefully this web site will give you additional help with your income taxes this year.

Many of these tax law changes affect a number of our clients. If you need additional information, contact us at your earliest convenience.

Tax summary forms can now be downloaded for you to print out. Many use these as year-end check lists to avoid missing deductions that could lower tax liability.

Electronic Tax Filing
Your returns can be filed on line again this year. Contact us for additional information on this service.

IRA Funding Amounts.
You can fund up to 4,000 this year, or 5,000 if age 50+. Those in an employer pension have Phase-out limits at 60,000 for singles and at 80,000 for married couples.

Have a tax question?

E-mail us at the following addresses (free to our clients).

E-Mail:

Frank:
fdreiss@FerrinAccounting.com

Connie:
cplattner@FerrinAccounting.com

Dale:
daleferrin@excite.com

Or contact us at the following
Phone:
{816} 858-5100
Fax:
{816} 858-2199