Tax Tips and Changes for 2006

Tax season is right around the corner and that means it is time to pay a visit to Uncle Sam.

There are some 2006 tax changes you should know before you prepare those returns.

Going green can payoff; Hybrid car owners who bought their vehicles after January 1st of 2006 can receive a tax credit.

Experts say, check with the car dealer first to find out which models qualify.

This year, there is a telephone tax credit for anyone who paid long-distance taxes after February 28th, of 2003.

One of the changes this year, is the IRS now requires a receipt for a donation to be tax deductible.

“In the past you could give $20 dollars to your church on a Sunday and not have to show a receipt for that donation. Right now, the rules are changing where we do need to show a receipt for those contributions," explains Alev Lewis, CPA with Acacia Wealth Advisors.

If you are putting away for retirement, contributions to your IRA can be made until April of 2007 and still be counted as a deduction on your 2006 return.


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