Tax Guru-Ker$tetter Letter
Friday, September 16, 2005
2006 Federal Tax Brackets
CCH has computed the inflation adjusted individual income tax brackets for 2006.
Besides the new income tax brackets and standard deductions, there are some other upward adjustments of note.
Maximum Section 179 deduction rises to $108,000 for 2006
The annual amount of gifts that are exempt from gift tax increases from the current $11,000 per year to $12,000 per year as of 1/1/06.
Labels: 179