NEW YORK (CNN/Money) - We know the confetti and empty champagne bottles have been tossed away but there's still one Big Chore to close the books on 2003.

That's right. It's beginning to look a lot like tax season. You can get ready by boning up on the latest changes that await you.

In fact, last year Congress passed another sweeping round of tax changes that are likely to bring a smile to your face. So here's a little encouraging preview:

Tax rates, which were to be trimmed on a gradual schedule, were put on a fast track and slashed sooner than expected for the 2003 tax year. The upshot: the top four rates now stand at 35 percent, 33 percent, 28 percent and 25 percent.

TAX RATES DECLINE Tax rate declines were accelerated courtesy of the Jobs and Growth Tax Relief Reconciliation Act of 2003. Old rate New rate Tax-bracket end points     Single Joint 10%  Same  $7,000  $14,000  15%  Same  $28,400  $56,800  27%  25%  $68,800  $114,650  30%  28%  $143,500  $174,700  35%  33%  $311,950  $311,950  38.6%  35%  None  None  New tax rates are effective from Jan. 1, 2003 through 2010. Tax-bracket endpoints are for 2003 and represent the top dollar-amount of taxable income which is subject to a given rate. In other words, the first $7,000 of taxable income for a single filer is taxed at 10 percent; dollars $7,000 through $28,400 is taxed at 15 percent and so on. These endpoints are indexed for inflation and can change from year to year.

Meanwhile, the lowest two rates - 10 percent and 15 percent - were expanded so more of your income will be taxed at these levels.

For single filers, including married individuals filing separate returns, the 10 percent rate applies to income up to $7,000. For married couples filing jointly the 10 percent applies to income up to $14,000. For those who file as head of households, the 10 percent rate applies to income below $10,000.

Income above that -- $7,001 up to $28,400 -- is taxed at 15 percent bracket for single filers. For joint filers, the 15 percent tax applies to income up between $14,001 to $56,800. For heads of household, it's up to $10,0001 to $38,050.

If you have kids you may recall getting a $400 check from Uncle Sam last summer. That was your "advance refund" on the expanded child tax credit, which for the 2003 tax year is worth $1,000. That's up from $600.

If you got your money, then there's another $600 credit waiting for you. Just fill out the amount of additional credit you're owed on Form 8812.

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If you didn't get your advance refund yet you can claim up to $1,000 per child, provided your income falls within certain limits.

Specifically, the amount of credit you get dwindles for married couples with taxable incomes over $110,000. That's true for including those who are married but who file separate returns. For single filers, the child tax credit phases out if their income tops $55,000. And for heads of households it's $75,000.

Keep in mind that when the refund checks were sent last summer, the government looked at 2002 tax returns to determine which taxpayers met criteria to get that money. If your status changed - say, you didn't have child in 2002 but became a parent in 2003, or you earned too much in 2002 but not in 2003 to qualify for the full $1,000 credit - be sure you don't forget to claim the credit.

This year there are two changes that grant tax relief for married couples who file a joint return. The first was the expansion of the 10 and 15 percent tax brackets so that a husband and wife can now earn twice as much as single filers and still fall within the limits for these rates.

The second provision boosts the standard deduction for joint filers to $9,500, twice the amount for single filers. Married couples who itemize their deductions -- and therefore won't use the standard deduction -- aren't affected by this change.

Don't forget that tax experts say it's generally better for married couples to file jointly. "But there are occasions when separate filings make more sense," says Evan Snapper, principal at Yohalem Gillman & Co. in Manhattan. "For example, when one taxpayer has lot of itemized deductions and the other taxpayer has very little income."

Capital gains taxes may take the fun out of investing well but this year they're likely to cause less distress. That's because capital gains on short-term investments (those held for less than a year) are levied at your normal income tax rate. As we've noted, those rates have been cut.

Long-term investments held a year or more also will be taxed at lower rates. But be forewarned. "It's a blended year," in terms of the rules, notes Ed Slott, a CPA in Rockville Centre, N.Y., and editor of an IRA web site, www.irahelp.com.

Specifically, the 20 percent long-term capital gains rate has been cut to 15 percent. However, this rate only applies if you sold your investment after May 5, 2003. Sales prior to that date are taxed at 20 percent.

If you're in the 10 percent or 15 percent tax rate, you'll pay even lower long-term capital gains rates: 5 percent for securities sold after May 5, 2003, down from 15 percent.

Capital gains may not even be a problem if you're sitting on losses. That's because you can offset losses against gains or, if you have more losses than gains, you can offset up to $3,000 worth of unused losses against ordinary income. If you have more than $3,000 worth of unused losses, you can use them in future years. So, for example, if you have unused losses that you couldn't use in 2002 - say they exceed you gains by more than $3,000 - than you can use them to offset gains in 2003.

Finally, keep an eye out for 1099 Dividend forms and pay attention to how your income's reported on them. Specifically, this year you'll find information for "qualified dividends," which qualify for the reduced 15 and 5 percent brackets. Interest you may have earned from a mutual fund -- now listed separately on a 1099 -- is still taxed at your highest marginal rate.

When the New Year rang in, it ushered in increased opportunities to save for retirement. Specifically, employees can now stash up to $13,000 in their 401k plans for the 2004, or up to $16,000 if you're over age 50.

Meanwhile, if you need a little more time to save, don't forget you have until April 15 to put up to $3,000 into a Roth IRA or traditional IRA for your 2003 contributions. Individuals over 50 can save up to $3,500. If you're self employed and have a SEP IRA you can save 20 percent of your earnings, or $40,000, whichever is less.