· IRAs (Individual Retirement Accounts)–the maximum amount that can be contributed to an IRA for 2007 is $4,000 ($5,000 if age 50 or older). Also, the 401(k) contributions can be up to $15,500 (add $5,000 more if age 50 or older).

· Placing business assets in use late in the year can save taxes. Small businesses can expense up to $108,000 of the cost of equipment, etc., put in service for tax year 2006. However this break begins to phase out once $430,000 of business assets are in use.

· The Social Security wage base rises to $97,500 in 2007. This is up $3,300 from 2006. There is no change in tax rates: 6.2% on employers and employees for FICA up to the wage base, 1.45% on employers and employees for Medicare applies to all earnings (there is no taxable maximum).

· The standard mileage rate is 48.5¢ per mile beginning in 2007. The standard mileage rate was 44.5¢ per mile for 2006.

· Individuals can claim a tax credit in 2006 for the cost of qualified home improvements that increase the energy efficiency of a primary residence.