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 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, "Your Federal Income Tax."
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This daily Tax Tip has been provided by the IRS