Personal exemptions and standard deductions will rise, tax brackets will widen and income limits for individual retirement accounts will increase in 2007, due to inflation adjustments announced by the Internal Revenue Service.
By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As a result, more than three-dozen tax benefits will be adjusted for 2007. Key changes affecting 2007 returns, filed by most taxpayers in early 2008, include the following:
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