Every year, many of the various tax limitations, deductions, allowances, etc., are inflation adjusted. The following are the more commonly-encountered values that apply to 2007:

• Personal and dependent exemption amount: $3,400
• Standard deduction: Joint filers – $10,700, Single - $5,350 and
  Head of household - $7,850
• IRA contribution limit: $4,000 ($5,000 if age 50 or over)
• IRA deduction phase-out AGI threshold: $52,000 for unmarried ($83,000 for joint filers)
• Spousal IRA deduction AGI phase-out threshold: $156,000
• 401(k) and 403(b) plan contribution limit: $15,500 ($20,500 if age 50 or over)
• Simple plan contribution limit: $10,500 ($13,000 if age 50 or over)
• SEP plan contribution limit: 25% (effectively 20%) of compensation or $45,000
• Business standard mileage rate: 48.5 cents per mile
• Moving and medical mileage rate: 20 cents per mile
• Maximum earnings subject to Social Security tax or self-employment tax: $97,500
• Annual gift tax exemption amount: $12,000

If you have questions regarding other limitations not listed here,
please call.