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New Tax Laws for 2006 Filings

A breakdown of the new tax wrinkles for 2006 filings

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This story appears in the January 2007 issue of Entrepreneur. Subscribe »

Two tax bills passed last year, bringing tax relief and new tax burdens for entrepreneurs. Here's a brief guide from Steve Fishman, author of Lower Taxes in 7 Easy Steps.

Higher retirement contribution limits: The 401(k) and 403(b) plan contribution limits increase from $1,000 to $15,000. For those over 50, catch-up contributions also rise from $1,000, to $5,000.

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