IRA Deduction Allowed to More People Covered by Retirement Plans. You may be able to take an IRA deduction if you were covered by a retirement plan and your 2003 modified AGI is less than $50,000 ($70,000 if married filing jointly or qualifying widow(er)).
Self-Employed Health Insurance Deduction. You may be able to deduct up to 100% of your health insurance expenses.
Adoption Credit. If you adopt a child with special needs,you may be able to take a $10,000 credit regardless of the amount of your expenses.
Child and Dependent Care Credit Increased. You may be able to take a credit of up to $1,050 for the expenses you pay for the care of one qualifying person; $2,100 if you pay for the care of two or more qualifying persons.
Standard Mileage Rates. The 2003 rate for business use of your vehicle is 36 cents a mile. The 2003 rate for use of your vehicle to get medical care is 12 cents a mile.
Lifetime Learning Credit Doubled. The maximum lifetime learning credit for 2003 is $2,000.
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