IRS tax table for 2007

http://www.irs.gov/formspubs/article/0,,id=164272,00.html

California tax table for 2007

http://www.ftb.ca.gov/aboutFTB/press/2007/07_38.html

More changes to kiddie tax

When a child's unearned income, primarily from investments, exceeds $1,700, the excess portion is generally taxed at custodial parent's highest marginal tax bracket. For 2007, this kiddie tax doesn't affect a child age 18 or older. However, beginning next year, the kiddie tax can hit a child up to age 23 if the child's earned (such was wages) income does not exceed one-half of his/her support.

Long term care insurance benefit

The general rule is that benefit payments received under a qualified long-term care policy are tax-free [IRC §7702B(a)(2)]. However, some qualified policies pay a designated daily benefit regardless of actual costs. For 2007, benefits under such per-diem policies are automatically tax-free up to $260 per day (Rev. Proc. 2006-53). When benefit payments exceed those caps, they are still tax-free if actual costs for qualified long-term care services equal or exceed the payments.

Daily benefit payments are always tax-free if the insured is terminally ill, as defined by IRC §101(g)(4).

When benefits are paid during a year, the insured should receive a Form 1099-LTC reporting the gross amount of the benefit payments. The insured then uses Form 8853 to calculate whether any of the benefits are taxable.

Latest on Hybrid vehicle tax credit

Here is a link from the IRS:
http://www.irs.gov/newsroom/article/0,,id=157632,00.html

Mortgage Insurance Premiums

For 2007 only, taxpayers can claim an itemized deduction for mortgage insurance paid in connection with acquisition indebtedness on a qualified personal residence. The deduction phases out ratably by 10% for each $1,000 (or portion thereof) by which the taxpayer's AGI exceeds $100,000. Phased-out amounts are halved for those who are married, filing separately (MFS). Thus, it is not available for taxpayers whose AGI exceeds $109,000, or $54,500 for MFS.