Tax Tip: What's New for 2000 Taxes?

Do you want to learn about the principal tax law changes that could affect your 2000 tax return? IRS Publication 553 [1] highlights the tax changes in these areas:

• Interest on student loans.
  
• Individual Retirement Arrangements (IRAs) - including traditional IRA income limits, and returned contributions and recharacterizations.
  
• Capital gain distributions.
  
• Foreign earned income exclusion.
  
• Standard mileage rate.
  
• Meal expenses when subject to "hours of service limits."
  
• Lump-sum distributions.
  
• Revocation of exemption from Social Security coverage.
  
• Paid preparer authorization.
  
• Eligible foster child.
  
• Limit on personal credits.
  
• Estimated tax safe harbor for higher income individuals.
  
• Definition of noncapital assets expanded.

To obtain a copy of Publication 553, call the IRS toll-free at 1-800-829-3676. The important tax changes are also summarized in IRS Publication 17 [2], "Your Federal Income Tax."

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This daily Tax Tip has been provided by the IRS