Key
Tax Facts
IRA and Roth IRA contribution limits are $3,000 for 2004 returns, if you are over 50 you may contribute an additional $500. The contribution limits increase to $4,000 in 2005.
For 2005 the IRS has increase the standard mileage rate to 40.5 cents per mile.
There are now stricter rules for donated vehicles and boats.
Sales taxes may be deductable.
The marriage penalty has been eliminated for 2004.
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