The newly enacted 2003 Tax Act will impact upon your taxes in several ways.  All taxpayers will benefit from the lowered tax rates and many of us will benefit from the increases in the Child Tax Credit.  By clicking on "NEW TAX LAWS" on our website - you will find the following tables:

1. A comparison showing the savings from the old tax rates versus the new tax rates for taxable income ranges from $5,000 to $5,000,000;

2. The increase in the Child Tax Credit for those with one qualifying child (under the age of 17 as of 12/31/03); and

3. The increase in the Child Tax Credit for those with two qualifying children (under the age of 17 as of 12/31/03).

In addition to the savings reflected on the tables, you may benefit from reduced tax rates for dividend income and long-term capital gains.

Finally, you will find a Tax Chart which shows a variety of changes made due to the 2003 Tax Act.

If you have any further questions relating to the details of the new act, please do not hesitate to contact us at EMD@taxattorneycpa.com