Key 2007 Exemptions and Deductions

Listed here for your reference are key deduction rates for 2007.

Personal Exemptions

The personal exemption for each qualifying dependent increases by $100 for 2007.

	2007	2006
Exemption	$3,400	$3,300

The exemption phases out by 2% for each $2,500 ($1,250 for married filing separately) by which your income is over:

	2007 Phase Out
Single	$156,400
Married Filing Separately	$117,300
Married Filing Jointly	$234,600
Head of Household	$195,500

2007 Alert: This phaseout amount is now reduced by 1/3 in 2007.

Standard Deductions

Standard deductions for those who do not itemize are as follows:

	2007	2006
Single	$5,350	$5,150
Married Filing Separately	$5,350	$5,150
Married Filing Joint	$10,700	$10,300
Head of Household	$7,850	$7,550

If 65 or over and/or blind add:

	2007	2006
Single/Head of Household	$1,300	$1,250
Married/Surviving Spouse	$1,050	$1,000

Itemized Deduction Phaseout

Deductions are reduced by 3% of every dollar of Adjusted Gross Income (AGI) over $156,400 ($78,200 if married filing separately) up to a maximum phaseout of 80% of your itemized deductions. Your medical expenses, investment interest, casualty losses and gambling losses are excluded.

2007 Alert: The phaseout amount noted above is now reduced by 1/3 in 2007.

Standard Mileage Rates

The standard mileage rates for 2007 are:

Mileage	2007 Rate/Mile
Business Travel	$0.485
Medical/Moving	$0.20
Charitable Work	$0.14