What's NEW for Tax Year 2004? - Tax Form Processing LLC

Frank DiPaola, EA

Frank DiPaola, EA

Tax Accountant

Tax Form Processing LLC

FOR THE TAXPAYER^SM

www.TaxFormProcessing.com

2400 N Forsyth Road Suite 101

Orlando, FL 32807-6445

Authorized IRS E-File Provider

What's NEW for Tax Year 2004?

NEW TAX LAWS
"Working Families Tax Relief Act of 2004"
"American Jobs Creation Act of 2004"

Standard Deduction

Personal & Dependent Exemption Amount

2004 Tax Rate Schedule

Mileage Rates

Section 179 Expense Modifications (Election to Expense Certain Business Property)

Qualified Adoption Expenses INCREASED for Adoption Credit

Social Security Tax Wage Limits & Rates & Medicare Rates

Earned Income Credit Amounts

Above-the-Line Tuition & Fees Deduction Increased

Meal Allowance Deduction Increased for Employee's subject to the Department of Transportation's "Hours of Service" Limits

Health Savings Account (HSA)

IRS Grants Tax Relief to "Presidential Disaster Areas" struck by Tropical Storm Bonnie and Hurricanes Charley, Frances, Ivan and Jeanne

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Last Revised October 26, 2004