March 2007 Newsletter continued

EDITOR'S NOTE:  Should you have questions with respect to the information contained in this newsletter or need help with your personal or business financial, tax and accounting activities, please call.

E-Mail Halliday@hallidaycpa.com

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Bulletin Board  | Federal & State Tax Forms

This newsletter offers factual and up-to-date information on the subjects discussed, but should not be regarded as a complete analysis of these subjects.  No party assumes liability for any loss or damage resulting from reliance or use of this material.

• Corporate tax returns due in 15 days, March 15, 2007
• Individual & partnership returns due in 45 days, April 17, 2007

Tax rates for 2007

Tax brackets have been adjusted higher for inflation in 2007.    For example, a married taxpayer with $50,000 taxable income would pay tax as follows: $1,565 + $5,153 ($50,000-15,650 = $34,350 x 15%)  = $6,718.