Tax Updates
Below are some tax updates that might coming handy.
2007 Retirement Plans
| Type of Retirement Plan | 2006 Maximum Contributions | 2006 Catch up if over 50 |
| (*) May be limited if you or your spouse are covered under an employer plan | ||
| Individual Retirement Plan Traditional IRA( *) | $4,000 | $1,000 |
| Individual Retirement Plan Roth IRA (*) | $4,000 | $1,000 |
| Simplified Employee Pension (SEP) Plan | $45,000 | |
| Savings Incentive Match for Employees (Simple) Plan | $10,500 | $2,500 |
| Profit Sharing Plan | $45,000 | |
| Comparability Profit Sharing Plan | $45,000 | |
| Defined Benefit Plan | Wage Limit to 100% of compensation to a maximum of $175,000 | |
| 401-(k) Plan | $15,500 | $5,000 |
| Safe Harbor 401 (k) Plan | $15,500 | $5,000 |
| Individual (k) Plan | $45,000 | |
2006 Retirement Plans
| Type of Retirement Plan | 2006 Maximum Contributions | 2006 Catch up if over 50 |
| (*) May be limited if you or your spouse are covered under an employer plan | ||
| Individual Retirement Plan Traditional IRA( *) | $4,000 | $1,000 |
| Individual Retirement Plan Roth IRA (*) | $4,000 | $1,000 |
| Simplified Employee Pension (SEP) Plan | $44,000 | |
| Savings Incentive Match for Employees (Simple) Plan | $10,000 | $2,500 |
| Profit Sharing Plan | $44,000 | |
| Comparability Profit Sharing Plan | $44,000 | |
| Defined Benefit Plan | Wage Limit to 100% of compensation to a maximum of $175,000 | |
| 401-(k) Plan | $15,000 | $5,000 |
| Safe Harbor 401 (k) Plan | $15,000 | $5,000 |
| Individual (k) Plan | $44,000 | |
Links
IRS - http://www.irs.gov
Alabama Department of Revenue
Alaska Department of Revenue
Arizona Department of Revenue
Arkansas Department of Finance and Administration
California Franchise Tax Board
California Board of Equalization
Colorado Department of Revenue
Connecticut Department of Revenue Services
Delaware Division of
Revenue
District of Columbia Office of the Chief Financial
Officer
Florida Department of Revenue
Georgia Department of Revenue
Hawaii Department of Taxation
Idaho State Tax Commission
Illinois Department of Revenue
Indiana Department of Revenue
Iowa Department of Revenue and Finance
Kansas Department of Revenue
Kentucky Revenue Cabinet
Louisiana Department of Revenue and Taxation
Maine Revenue Services
Maryland Comptroller of the Treasury
Massachusetts Department of Revenue
Michigan Department of Treasury
Minnesota Department of Revenue
Mississippi State Tax Commission
Missouri Department of Revenue
Montana Department of Revenue
Nebraska Department of Revenue
Nevada Department of Taxation
New Hampshire Department of Revenue Administration
New Jersey Division of Taxation
New Mexico Taxation and Revenue Department
New York Department of Taxation and Finance
North Carolina Department of Revenue
North Dakota State Tax Department
Ohio Department of Taxation
Oklahoma Tax Commission
Oregon Department of Revenue
Pennsylvania Department of Revenue
Rhode Island Division of Taxation
South Carolina Department of Revenue
South Dakota Department of Revenue
Tennessee Department of Revenue
Texas Comptroller of Public Accounts
Utah State Tax Commission
Vermont Department of Taxes
Virginia Department of Taxation
Washington Department of Revenue
West Virginia State Tax Department
Wisconsin Department of Revenue
Wyoming Department of Revenue