• Single --- $44,350
• Married filing jointly --- $66,250
• Married filing separately --- $33,125
• Minimum exemption amount for a child has increased to $6,300
  

• Minimum annual deductible health plan increases to $1,900 ($3,750 family)
• Maximum annual deductible health plan increases to $2,850 ($5,650 family)
• Maximum out-of-pocket expenses limit increases to $3,750 ($6,900 family)
  

• Your personal efforts created the property, or
• You acquired the property under circumstances (i.e. gift) entitling you to the basis of the person who created the property or for whom it was prepared or produced.

• Cash Contributions – You must have a bank record (i.e. canceled check, bank copy of canceled check, bank statement containing the name of the charity, date and the amount) or a written communication from the charity. The written communication from the charity must include the name of the charity, date of the contribution, and the amount of the contribution.
• Filing fee for easements on buildings in historic districts – A new $500 filing fee must be paid for each qualified conservation contribution after February 12, 2007.

You may be eligible to take EIC if:

• A child lived with you and you earned less than $33,241 ($35,241 if filing jointly)
• More than one child lived with you and you earned less than $37,783 ($39,783 if filing jointly)
• A child did not live with you and you earned less than $12,590 ($14,590 if filing jointly)

The amount of the credit increase:

• $2,853 if you have one qualifying child
• $4,716 if you have more than one qualifying child
• $428 if you don’t have a qualifying child
  

• MAGI is between $98,400 and #128,400 (married filing jointly or qualified widower)
• MAGI is between $65,600 and $80.600 (for all other filing statuses)

• Relief granted for Hurricanes Katrina, Rita, and Wilma
• Qualified electric vehicle credit

• High deductible health plan. (HDHP) For HSA purposes, the minimum annual deductible of an HDHP increases to $1,100 ($2,200 for family coverage) and the maximum annual deductible and other out-of-pocket expenses limit increases to $5,500 ($11,000 for family coverage).
• Deductible limitation on contributions. The annual deductible limitation for contributions to your HSA based on the amount of your health insurance deductible is repealed. For 2007, the maximum HSA deduction increases to $2,850 ($5,650 for family coverage) regardless of the amount of your health insurance deductible. The maximum additional deduction for individuals age 55 or older increases to $800.
• Deductible contributions for part-year coverage. For HSA purposes, you can be treated as an eligible individual for each month in your tax year if you are an eligible individual during the last month of your tax year. This applies to each month for which you would not otherwise qualify as an eligible individual. For these months, you are treated as enrolled in the same HDHP that you were enrolled in for the last month of your tax year. However, if you are not an eligible individual, for any reason other than death or becoming disabled, for the 12 months following the end of your tax year, any contribution attributable to these months is included in your income and is subject to an additional 10% tax. The income and additional 10% tax are reported for the tax year in which you cease to be an eligible individual.

• Qualified mortgage insurance. Qualified mortgage insurance is mortgage insurance provided by the Veterans Administration, the Federal Housing Administration, or the Rural Housing Administration, and private mortgage insurance (as defined in section 2 of the Homeowners Protection Act of 1998 as in effect on December 20, 2006).
• Special rules for prepaid mortgage insurance. If you paid premiums for qualified mortgage insurance that are properly allocable to periods after the close of the taxable year, such premiums are treated as paid in the period to which they are allocated. No deduction is allowed for the unamortized balance if the mortgage is satisfied before its term (except in the case of qualified mortgage insurance provided by the Department of Veterans Affairs or Rural Housing Administration).
• Mortgage insurance premiums you paid or accrued on any mortgage insurance contract issued before January 1, 2007, are not deductible as home mortgage interest.
• Mortgage insurance premiums you paid or accrued after December 31, 2007, or that are properly allocable to any period after December 31, 2007, are not deductible as home mortgage interest.

1. 6.2% each for social security tax (up to $97,500 of wages are subject)
2. 1.45% each for Medicare tax (all wages are subject)

• Business miles: 48.5 cents a mile
• Charitable services: 14 cents a mile.
• Medical reasons: 20 cents a mile.
• Moving: 20 cents a mile. (must move over 50 miles to be eligible)