| Educator Expenses |
If you were an educator,
you may be able to deduct up to $250 of expenses you
paid even if you do not itemize your deductions. |
| Health Insurance
Credit |
You may be able to take
a credit of up to $1000 for qualified retirement savings
contributions. Call the office to see if you qualify
under the income guidelines. |
| Student Loan
Deduction |
The 60-month limit on
interest payments no longer applies and the modified AGI
limit has increased. |
| IRA Deduction
Expanded |
You, and your spouse if
filing jointly, may be able to deduct up to $3,000
($3,500 if age 50 or older at the end of 2003). If you
were covered by a retirement plan, you may be able to
take an IRA deduction if your AGI is less than $44,000
($64,000 if married filing jointly or qualifying
widow/widower. |
| Standard Mileage
Rates |
The 2003 rate for
vehicle business use is 36 1/2 cents a mile. The 2003
rate for use of your vehicle to get medical care is 13
cents a mile. |
| Coverdell Education
Savings Account (ESA) Distributions |
If you received a
distribution from a Coverdell ESA in 2003, you now
report only the taxable amount of the distribution on
line 21. Also, a distribution may not be taxable if it
was used to pay qualified elementary and secondary
school expenses. |
| Self-Employed Health
Insurance Deduction |
You may be able to
deduct up to 100 percent of your health insurance
expenses. |
