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2004 Tax Tips
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- Tax Rate Changes
The 10 percent bracket for most filers is
expanded. In addition, the 15 percent bracket for married taxpayers filing jointly and qualifying widow(er)s is expanded
to improve the marriage penalty. Finally, the 27 percent, 30 percent, 35 percent and 38.6 percent tax rates are reduced
to 25 percent, 28 percent, 33 percent, and 35 percent, respectively.
- Child Tax Credits & the Advance Child Tax Credit Payment
Taxpayers may be able to take credits of up to $1000 for each qualifying child; however, any current child tax credit must
be reduced by any advance child tax credit payment received in 2003. The amount of an advance payment is shown on
Notice 1319. This notice was mailed to taxpayers in 2003. If you don't have this notice, the amount may be
checked on the IRS website
or via telephone at 1-800-829-1040.
- Married Filing Joint Standard Deduction
The standard deduction for married taxpayers filing jointly has increased as a partial solution
to the marriage penalty.
- New Capital Gain Rates
For gains after May 5, 2003, the 10 percent capital gain rate is reduced to five percent and the 20
percent capital gain rate is reduced to 15 percent. In addition, the eight percent capital gain rate for
qualified five-year gain does not apply to gains after that date.
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