Publication 553 - Highlights Of 2003 Tax Changes - Department Of The Treasury
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23Contents
Department of the Treasury
Internal Revenue Service
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Chapter
Publication 553
1. Tax Changes for Individuals . . . . . . . . . . . . . . .
2
(Rev. January 2004)
Cat. No. 15101G
2. Tax Changes for Businesses . . . . . . . . . . . . . . . 11
3. IRAs and Other Retirement Plans . . . . . . . . . . . 15
Highlights of
4. Exempt Organizations . . . . . . . . . . . . . . . . . . . . 17
2003 Tax
5. Estate and Gift Taxes . . . . . . . . . . . . . . . . . . . . . 17
6. Excise Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Changes
7. Foreign Issues . . . . . . . . . . . . . . . . . . . . . . . . . . 18
8. How To Get Tax Help . . . . . . . . . . . . . . . . . . . . . 19
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Introduction
This publication highlights tax law changes that take effect
in 2003, 2004, and later years. The chapters are divided
into separate sections based on when the changes take
effect.
Changes covered in this publication include the follow-
ing.
•
Lower tax rates.
•
Lower capital gain tax rates. Certain dividends are
now taxed at the new capital gain rates.
•
Faster depreciation and recovery schedules for busi-
ness property.
•
Higher contribution and benefit limits for retirement
plans, including individual retirement arrangements
(IRAs), thrift savings plans, 403(b) plans, 401(k)
plans, simplified employee pensions (SEPs), and
SIMPLE plans.
•
Expanded benefits for members of the Armed
Forces.
See the discussion of each topic for more information.
Adjusting your withholding or estimated tax payments
for 2004. If your tax for 2004 will be more or less than your
2003 tax, you may need to adjust your withholding or
estimated tax payments accordingly. If your tax will de-
crease, you can get the benefit of lower taxes throughout
Get forms and other information
the year. If you will owe more tax, you can avoid a penalty
faster and easier by:
when you file your tax return.
Internet •
FTP •
See the following table for forms and publications that
or
ftp.irs.gov
will help you adjust your withholding or estimated tax
FAX •
703–368–9694 (from your fax machine)
payments. See chapter 8 for information on ordering forms
and publications.
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