home page about us services support contacts

 

2008 Income Tax Information

 

Recovery Rebate Credit

The Recovery Rebate Credit is a one-time benefit for people who didn't receive the full Economic Stimulus Payment last year and whose circumstances may have changed, making them eligible now for some or all of the unpaid portion. **MORE**

Higher Standard Deduction for Real Estate Taxes

Your standard deduction is increased by any state and local real estate taxes you paid in 2008, up to $500 ($1,000 if married filing jointly). The taxes must be state or local real estate taxes that would be deductible on Form 1040 (Schedule A) if you were itemizing your deductions. Taxes deductible in arriving at adjusted gross income, such as taxes on business real estate and taxes on foreign real estate, cannot be used to increase your standard deduction.

2009 Inflation Adjustments

For 2009, personal exemptions and standard deductions will rise and tax brackets will widen because of inflation adjustments. **MORE**

2009 Standard Mileage Rates

2009 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. **MORE**

Education Credit Changes

Hope & Lifetime Credits, Student Loan Interest Phaseout, Education Savings Bonds, Tuition & Fees Deduction. **MORE**

Child Related Tax Changes

Adoption Benefits, Child Investment Income, Earned Income Credit. **MORE**

Health-Medical Changes

Archer Medical Savings, Health Savings Accounts, Long Term Care Premiums, Self Employed Health Insurance Deductions.  **MORE**

HOME | ABOUT US | SERVICES | SUPPORT INFO | NEWS & EVENTS | CONTACTS
Copyright © Freedom Income Tax of Monticello