Summary :
Hardly a year goes by when there isn’t some change to the nation’s income tax laws. On May 17, 2006, President George W. Bush signed the Tax Reconciliation Bill into law. Although this bill wasn’t a major tax bill from the standpoint of most individual taxpayers, some of the bill’s provisions may affect your tax return for 2006 and beyond. Among some of the more significant elements of this bill that we cover in this book include
Alternative Minimum Tax (AMT) relief: Increasing numbers of nonwealthy Americans are getting whacked by the AMT, but Congress provided some small relief, at least for tax year 2006. (See Chapter 8.)
Long-term capital gains and stock dividends tax rates: The lower tax rates that apply to assets sold at a profit after more than one year and to dividends paid on stock holdings have been extended for a couple more years. (See Chapter 22.)
Roth Individual Retirement Account (IRA) conversions: The income limits on who can convert a regular IRA will be eliminated after 2009.
Changed age limits for the Kiddie Tax: Now, for tax purposes, kids get to be treated, well, like kids, for even more years.

Copies :