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Publication 553 (1/2004), Highlights of 2003 Tax Changes
Revised: 1/2004
Table of Contents
Publication 553 - Introductory Material
Introduction
1. Tax Changes for Individuals
2003 Changes
Tax Rate Changes
Lower Maximum Tax Rates on Net Capital Gain
Dividends Taxed at Capital Gain Rate
Standard Deduction Amount Increased
Limit on Itemized Deductions Increased
Exemption Amount Increased
Alternative Minimum Tax (AMT)
Income Limits for Education Savings Bond Interest Exclusion Increased
Hope and Lifetime Learning Credits
Earned Income Credit Amounts Increased
Child and Dependent Care Credit Increased
Child Tax Credit
Adoption Benefits Increased
Health Coverage Tax Credit
Tax Benefits for Members of the Military
Astronauts Who Die in the Line of Duty
Standard Mileage Rate
Self-Employed Health Insurance Deduction
Depreciation and Section 179 Expense
Self-Employment Tax
Medical Savings Accounts (MSAs) Program Expires
2004 Changes
Tuition and Fees Deduction
Distributions From Qualified Tuition Programs (QTPs)
Meal Expenses When Subject to Hours of Service Limits
Health Savings Accounts (HSAs)
Standard Deduction Amount Increases
Exemption Amount Increases
Electric and Clean-Fuel Vehicles
Standard Mileage Rate
Depreciation and Section 179 Expense
Social Security and Medicare Taxes
Self-Employment Tax
Other Changes
Depreciation
2. Tax Changes for Businesses
2003 Changes
Standard Mileage Rate
Standard Meal and Snack Rates for Family Daycare Providers
Self-Employed Health Insurance Deduction
Nonqualified Capital Construction Fund Withdrawals by Commercial Fishermen
Depreciation and Section 179 Expense
Self-Employment Tax
2004 Changes
Standard Mileage Rate
Meal Expenses When Subject to Hours of Service Limits
Electric and Clean-Fuel Vehicles
Environmental Cleanup (Remediation) Costs
Depreciation and Section 179 Expense
Work Opportunity Credit and Welfare-to-Work Credit Scheduled to Expire
New York Liberty Zone Business Employee Credit Scheduled To Expire
Qualified Zone Academy Bonds Scheduled To Expire
Social Security and Medicare Taxes
Self-Employment Tax
Other Changes
Depreciation
3. IRAs and Other Retirement Plans
2003 Changes
Individual Retirement Arrangements (IRAs)
Thrift Savings Plan (TSP)
403(b) Plans
401(k) Plans
Simplified Employee Pensions (SEPs)
SIMPLE Plans
2004 Changes
Modified AGI Limit for Traditional IRAs Increases
New Method for Figuring Net Income On Returned or Recharacterized IRA Contributions
Qualified Plans
Simplified Employee Pensions (SEPs)
403(b) Plan Changes
4. Exempt Organizations
2003 Change
Report of Contributions and Expenditures
5. Estate and Gift Taxes
2003 Changes
Estate Tax Applicable Exclusion Amount Increased
Annual Exclusion for Gifts Increased
Maximum Estate and Gift Tax Rate Reduced
Credit for State Death Taxes Reduced
Generation-Skipping Transfer (GST) Exemption Increased
Form 709–A Obsolete
2004 Change
Qualified Family-Owned Business Interest Deduction Repealed
6. Excise Taxes
2004 Change
Air Transportation Taxes
7. Foreign Issues
2003 Change
New Requirement for Form W–7
8. How To Get Tax Help
Publication 553 - Additional Material
Index
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