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Key Limits to Know
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**Key Retirement Limits:
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2004 |
2005 |
2006 |
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IRA Contributions (maximum) |
$3,000 |
$4,000 |
$4,000 |
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IRA Catch-Ups (age 50+) |
$500 |
$500 |
$1,000 |
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Elective Deferrals (401(k)) |
$13,000 |
$14,000 |
$15,000 |
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Elective Catch-Ups |
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-IRAs & SIMPLEs |
$1,500 |
$2,000 |
$2,500 |
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-401(k), 403(b), 457 |
$3,000 |
$4,000 |
$5,000 |
**Other Key Limits:
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2004 |
2005 |
2006 |
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Estate Tax (exemption amt.) |
$1.5 million |
$1.5 million |
$2 million |
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Gift Tax (exemption amt.) |
$1 million |
$1 million |
$1 million |
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2004 |
2005 |
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FICA (earnings base) |
$87,900 |
$90,000 |
**Key Depreciation Limits:
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2004-2007 |
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Small business exp. (year 1) |
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-Depreciable property |
$102,000 |
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-Qualifying property |
$410,000 |
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S.U.V. ≤14,000
lbs. (year 1) |
$25,000 |
**Individual Standard
Deductions:
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2004 |
2005 |
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Married filing jointly |
$9,700 |
$10,000 |
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Married filing separately |
$4,850 |
$5,000 |
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Head of household filers |
$7,150 |
$7,300 |
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Single filers |
$4,850 |
$5,000 |
**Individual Exemptions:
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2004 |
2005 |
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Personal |
$3,100 |
$3,200 |
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Dependent(s) |
$3,100 |
$3,200 |
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