Calendar of Federal Tax Due Dates

     IRS Publication 509 is a list of Federal tax filing due dates for 2007. Acrobat reader is required and can be downloaded from the IRS website. Publication 509 is located at http://www.irs.gov/pub/irs-pdf/p509.pdf on the IRS website.

     Increase Retirement Contributions     

     The 2006 maximum IRA contribution is $4,000. If you are age 50 or over, the "Catch-Up" provision allows for an additional $1,000. The 2007 contribution limit stays at $4,000; but the Catch-Up provision is eliminated for most taxpayers.  The 2008 maximum IRA contribution is $5,000 and will be indexed for inflation thereafter.

     Contributions can be made until the tax filing deadline (generally April 15th of the following year).

     The IRS just announced an increase in the standard mileage rates

     Beginning July. 1, 2008 , the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:

  • 58.5 cents per mile for business miles driven;
  • 20 cents per mile driven for medical or moving purposes; and
  • 14 cents per mile driven in service to a charitable organization.

The new rate for business miles compares to a rate of 50.5 cents per mile for 2006.  The new rate for medical and moving purposes compares to 19 cents in 2007.

     Federal Per Diem Rates

     Federal allowable per diem rates change every October 1st (with the federal government's fiscal year.) The October 2006 to September 2007 minimum standard rates are:

$45 for meals
$96 for lodging
$141 for both

     Certain cities have higher allowable rates. Check out the rates for the city you are visiting by going to www.policyworks.gov/perdiem and clicking on appropriate state on the map. If the city is not listed, use the minimums above.