You know the saying "If it ain't broke, don't fix it"? Well, that seems to be the mantra for 2007. From Hollywood to the tax world, it's all about making small changes but more or less keeping the things we already love. That's probably why actors Jackie Chan and Chris Tucker will come together again in Rush Hour 3 and Bruce Willis will star in Live Free or Die Hard. Both movies are set to hit the theaters in 2007. Even Las Vegas is going with the tried and true. Monty Python's hit musical Spamalot is going from Broadway to the Sin City strip. The tax world also is keeping big things the same. Thanks to the Tax Relief and Health Care Act of 2006 passed by President Bush last month, the sales tax deduction, the college tuition and fees credit and the teacher's $250 deduction were all extended for 2007. So save your receipts and documentation. But of course, the folks in D.C. found a few things that they decided were "broke" and needed to be fixed. So like it or not, a few new tax laws have surfaced for 2007.
Get a Receipt from Santa
The biggest inconvenience will be on the charitable contribution front. Starting with your 2007 bill, you will need a receipt for every cash contribution you make. No amount is too small, according to the tax folks. So whether you donate $500 or 5 cents, if you don't have documentation, you can't deduct it.