Fast tax facts 2004: as of Oct. 13, 2004.

• Position: Taxes

Welcome to our annual at-a-glance compilation of federal and state tax information.

User-friendly tax rate schedules, facts, figures and assorted data make this time-saving section a handy companion. Keep it within arm's reach as you enter the upcoming busy season.

POST-9/11 BONUS DEPRECIATION

California has not adopted the following provisions:

Additional 30 percent immediate write-off for new property:

* Acquired after Sept. 11, 2001 and before May 6, 2003

* Recovery period must be 20 years or less

Additional 50 percent immediate write-off for new property:

* Acquired after May 5, 2003 and before Jan. 1, 2005

* Recovery period must be 20 years or less

Additional depreciation for vehicles:

* Vehicles acquired within time period mentioned above can claim an additional $4,600 (total $7,600) of depreciation in 2002 and Jan. 1, 2003-May 5, 2003 (to be adjusted for business use percentage). Vehicles placed in service May 6, 2003 or later can claim an additional $7,660 (total $10,710) of depreciation.

VALUABLE PHONE NUMBERS

Tax Practitioner Hotlines

IRS Practitioner Priority Service (866) 860-4259

IRS--ACS (800) 829-7650

FTB (916) 845-7057

Fax (916) 845-6377

EDD (916) 654-8316

BOE (800) 401-3661

Application for Taxpayer ID Number

Tele-TIN (800) 829-4933 Fax (215) 516-3990

Online: www.irs.gov

EDD DE 1 Account Number (916) 654-8706

Fast Tax Facts is designed to provide general guidance to CalCPA members.

CalCPA is not engaged in rendering accounting or other professional advice.

Numbers in Fast Tax Facts are subject to change.

2004 TAX DATA SCHEDULE 2004 2004 Federal California Standard Deductions Single $4,850 $3,165 Married Filing Jointly or Surviving 9,700 6,330 Spouse Married Filing Separately 4,850 3,165 Head of Household 7,150 6,330 Additional for 65 and Older or Blind--Married 950 Additional for 65 and Older Blind--Unmarried 1,200 (per individual and for each situation: age or blind) Taxpayer Claimed as a Dependent 800 800 Personal/Dependent Exemption 3,100 (SSN required: $50 penalty) California Exemption Credits Single/Separate or Head of Household $85 Joint/Surviving Spouse $170 Dependent 265 Blind or Over 65 85 Senior Head of Household Credit 2% of California taxable income, maximum California AGI of $59,730 and maximum credit of $1,031 Joint Custody Head of Household Credit and Dependent Parent Credit Each is 30% of net tax, with maximum $337 credit of Child and Dependent Care Credit Percentage of federal credit California AGI limits...