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Publication 553 2003 Tax Year

Publication 553
Introductory Material

This is archived information that pertains only to the 2003 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.

Table of Contents

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 following.

  • 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 business 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 decrease, you can get the benefit of lower taxes throughout the year. If you will owe more tax, you can avoid a penalty when you file your tax return.


  See the following table for forms and publications that will help you adjust your withholding or estimated tax payments. See chapter 8 for information on ordering forms and publications.
To adjust your.... Get Form... And Publication...
Withholding W–4, Employee's Withholding Allowance Certificate 919, How Do I Adjust My Tax Withholding?
Estimated tax payments 1040–ES, Estimated Tax for Individuals 505, Tax Withholding and Estimated Tax


Photographs of missing children.   The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1–800–THE–LOST (1–800–843–5678) if you recognize a child.


Comments and suggestions.   We welcome your comments about this publication and your suggestions for future editions.


  You can e-mail us at *taxforms@irs.gov. Please put “Publications Comment” on the subject line.


  You can write to us at the following address:


Internal Revenue Service
Individual Forms and Publications Branch
SE:W:CAR:MP:T:I
1111 Constitution Ave. NW
Washington, DC 20224


  We respond to many letters by telephone. Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence.


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