"Almost all taxpayers - and especially investors- will find some goodies in this latest tax cut" Money Magazine June 2003
Tax Law Changes for Individuals
2003 tax rates have been reduced and the 10% tax bracket has been expanded.
Marriage penalty relief for 2003 (increased standard deduction and expansion of the 15% tax bracket.
The maximum child tax credit has increased from $600 to $1000 per child for 2003. The increase for 2003 ($400 per child) will be sent to taxpayers during the summer as an advance payment.
Tax Law Changes for Businesses
The special first-year depreciation allowance has been increased from 30% to 50% for property purchased after May 5, 2003. The depreciation limit for vehicles subject to the 50% allowance is increased by $7,650.
The maximum section 179 expensing amount has been increased to $100,000 for 2003.
Anticipated Tax Form Changes
The Internal Revenue Service has indicated that the IRS instructions for the 2002 version of Form 4562 will be reissued in June 2003 for fiscal year 2002-2003 filers.
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