Tax Law Changes
Tax Year 2008
Individuals
- Recovery Rebate Credit
- Alternative Minimum Tax (AMT)
- Maximum Tax Rate on Qualified Dividends and Net Capital Gain Reduced
- Investment Income of Children Under a Certain Age
- Standard Mileage Rate
- Earned Income Credit
- Standard Deduction Amount Increased
- Personal Exemption Amount Increased
- Income Limits Increased for Student Loan Interest Deduction
- Hope and Lifetime Learning Credits
- Earned Income for Additional Child Tax Credit
- Limits Increased for Itemized Deductions
- Exclusion on Sale of Main Home by Surviving Spouse
- Health Savings Accounts (HSAs)
- Adoption Benefits Increased
- Income Limits Increased for Reduction of Education Savings Bond Exclusion
- Increase in Deductible Limit for Long-Term Care Premiums
- Increase in Limit on Long-Term Care and Accelerated Death Benefits Exclusion
- Archer Medical Savings Accounts (MSAs) Limits Increased
- Credit for Prior Year Minimum Tax
- Exclusion of Income for Volunteer Firefighters and Emergency Medical Responders
- Social Security and Medicare Taxes
- Wage Threshold for Household Employees
- Expired Tax Benefits
Businesses
- Depreciation and Section 179 Deduction
- Meal Expenses When Subject to "Hours of Service" Limits
- Self-Employment Tax
- Social Security and Medicare Taxes
- Federal Unemployment Tax Act (FUTA) Tax Rate
- Maximum Automobile Value for Using the Cents-Per-Mile Valuation Rule
- Fringe Benefit Parking Exclusion and Commuter Transportation Benefit
- Health Savings Accounts
- Nonqualified Deferred Compensation Plans
- Penalty for Late Filing of a Partnership Return
- Expired Tax Benefits
100% Made & Supported in the USA
Delicious
Digg
Reddit
StumbleUpon
Twitter