2006-11-28 00:00:00.000Credit for federal telephone excise tax paid.If you paid the federal excise tax on your long distance or bundled telephone service, you may be able to request a credit.2006-11-27 00:00:00.000Exemption Amount IncreasedThe amount you can deduct for each exemption has increased from $3,200 in 2005 to $3,300 in 2006.You lose all or part of the benefit of your exemptions if your adjusted gross income is above a certain amount. The amount at which the phase-out begins depends on your filing status. For 2006, the phase-out begins at:-$112,875 for married persons filing separately,-$150,500 for single individuals-$188,150 for heads of household, and-$225,750 for married persons filing jointly or qualifying widow(er) s 2006-11-27 00:00:00.000Tax on children income.Form 8615 must be used to figure the tax of children under age 18 with investment income of more than $1,700. 2006-11-24 00:00:00.000Earned income credit (EIC).You may be able to take the EIC if:A child lived with you and you earned less than $36,348 ($38,348 if married filing jointly), orA child did not live with you and you earned less than $12,120 ($14,120 if married filing jointly).2006-11-23 00:00:00.000Alternative minimum taxThe AMT exemption amount is increased to $42,500 ($62,550 if married filing jointly or a quali-fying widow(er); $31,275 if married filing separately).2006-11-22 00:00:00.000Alternative motor vehicles.You may be able to take a credit if you place an energy efficient motor vehicle or alternative fuel vehicle refueling property in service in 2006. You can no longer take a deduction for clean-fuel vehicles or refueling property. 2006-11-21 00:00:00.000Tuition And Fees Deduction Expires.You cannot take a deduction for qualified tuition and fees paid in 2006. But you still may be able to take a credit for these expenses.2006-11-20 00:00:00.000Educator Expense Deduction ExpiresThe deduction from AGI for educator expenses will expire. To deduct educator expenses, you must itemize your deductions2006-11-20 00:00:00.000AMT Exemption Amount DecreasedThe AMT exemption amount will decrease to $33,750 ($45,000 if married filing jointly or a qualifying widow(er); $22,500 if married filing separately).2006-11-20 00:00:00.000Clean Renewable Energy Bond CreditYou may be able to take a credit based on the face amount of any clean renewable energy bond you hold during 2006. The amount of any credit before tax liability limits must be included as interest income.2006-11-20 00:00:00.000Compensation LimitThe maximum compensation used for figuring contributions and benefits for a retirement plan will increase from $210,000 to $220,000 for 2006.2006-11-20 00:00:00.000Elective DeferralsFor 2006, the maximum amount of elective deferrals under a salary reduction agreement that can be contributed to a qualified plan increases to $15,000 ($20,000 if you are age 50 or older). However, for SIMPLE plans, the amount is $10,000 ($12,500 if you are age 50 or older).2006-11-16 00:00:00.000What is EIC ?The earned income credit, or EIC, is a refundable credit for workers who meet certain requirements and file a tax return. Persons with or without a qualifying child may claim the EIC. The maximum credit you can get will depend on whether you have no qualifying children, one qualifying child, or more than one qualifying child. Additionally, the maximum credit possible can change each year due to inflationary adjustments. 2006-11-16 00:00:00.000Can I take tution and fees deductions?You cannot take a deduction for qualified tuition and fees paid in 2006. But you still may be able to take a credit for these expenses.2006-11-16 00:00:00.000What are Standard Mileage Rate for 2006?Beginning Jan. 1, 2006, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:44.5 cents per mile for business miles driven;18 cents per mile driven for medical or moving purposes; and 14 cents per mile driven in service of charitable organizations, other than activities related to Hurricane Katrina relief.Katrina-related charitable rates will be 32 cents per mile for deduction purposes and 44.5 cents per mile for reimbursement purposes