RIA, a part of the Thomson Corp. providing information and software to tax professionals, has computed the changes to next year's tax brackets, standard deductions, personal exemptions and other important tax breaks.
The IRS is not required to release the 2006 tax figures until Dec. 15, but analysts at RIA have used the past year of consumer price indexes (ending in August 2005) to put together new tables to allow individuals and businesses to get a head start on their year-end tax planning.
"Knowing next year's tax figures now makes it possible to maximize tax breaks this year and next year by giving individuals and businesses more time to evaluate their tax situations and to implement strategies to achieve the highest tax savings," said RIA senior tax analyst Bill Massey, in a statement.
RIA's calculations for 2006 include the basic standard deduction, rate schedules for joint filers and singles, rate brackets for heads of households as well as estates and trusts, and projections for the AMT exemption, the earned income tax credit and education credits.
The full listing of the estimates can be accessed at www.ria.thomson.com/home/tax_brackets.pdf.
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