027- 2006 New Tax Act  
2006 New Tax Act
On 17th, President Bush signed the Tax relief act. The new tax law contains many breaks and several tax increases.
First, we will share with you some good news。
· Higher exemptions for the alternative minimum tax. 2006’s exemptions increase to $62,550 for joint return filers and $42,500 for others. AMT also allow dependent care and tuition credits to offset the minimum tax through 2006.
· The maximum rate on capital gains and dividends stays at 15% through 2010. The 0% tax rate for dividends and gains of low-incomers applies for 2008, 2009 and 2010.
· The cost of special camps can qualify for the child care credit. This includes the cost of computer camps, soccer camps and the like. Please be aware the child must be under 13 and the expenses must be incurred so the parent or parents can work. Also note none of the cost of overnight camp is eligible for the credit.
Let’s also talk about several tax increases。
· Income earned abroad will be taxed more heavily after 2005. Although the foreign earned income exclusion is increased to $82,400 this year, the maximum housing cost exclusion is cut to $11,536.
· Starting in 2006, children with unearned income can be nailed by the tax until the year they reach 18. Previously, the tax disappeared at 14. Unearned income over $1,700 is taxed at the parent’s rate. It will make family tax planning much harder.
2006 新税法案
· 最低税(AMT)更改后的新规定延长一年, 抵减额维持在$62,550(夫妇)$42,500(其他)。以防更多中高收入家庭需付该税。AMT原本在防止富人逃税,但是现在纳税人,特别是住在高税率州的家庭,收入10万元以上普遍要付AMT。
· 新法案把资本利得税和股息税减至15%税率延长两年,否则原本会在2008年底到期。
· 暑期夏令营的符合条件的费用可以用来申请孩子的税额抵减。要注意孩子不能超过13岁,父母要工作,且过夜费用不能所在内。
· 从2006年起,国外收入要交更多的税。
· 从2006年起, 小孩的非赚得收入有更多限制, 从以前的14岁变成18岁。 对此变化,家庭税务规划应该作相应的调整。
近期,我们会陆续为大家提供新税法的信息. 如果您有兴趣讨论有关税务规划及理财的问题,欢迎大家打电话972.247.6009.或浏览我们网络上的文章 (英文和中文)。网址: www.pulicpa.com。