Federal Income Tax Return Law Changes for the 2008 Tax Year

Important USA federal income tax return changes in the USA tax law for 2008 tax year include:

►The alternative minimum tax (AMT) results in increased taxes at even lower levels of adjusted gross income (AGI) beginning in 2008. The AMT becomes a potential additional tax liability after a taxpayer’s AGI exceeds $33,750, or $45,000 if married filing jointly or qualifying widow(er), or $22,500 if married filing separately.

►You can take a bigger tax deduction for contributions you make to a Roth Individual Retirement Account (IRA) or traditional IRA. A taxpayer can contribute and deduct up to $5,000 to an IRA for 2008. That’s a big increase from a $4,000 limitation for 2007. Taxpayers turning age 50 or older during 2008 can add up to another $1,000 to their IRA.

►2008 federal income tax exemptions and deductions to use in preparing and calculating your 2008 IRS federal income
tax return.

►Compare the pro's and con's of the various types of individual retirement accounts.

►The first-time-homebuyer tax credit applies to home purchases after April 8, 2008, and before July 1, 2009, and it reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.

Tax-Return-Exemptions-Allowances-2008
Individual-Retirement-Accounts

[ Tax News ] [ Income Tax Return 2008 ] [ Creative Year End Tax Planning ]

[ International Tax Planning Overview ] [ International Tax News ]

[ IRS Tax Audit Chances Likelihood ] [ Ground Lease Tax Deduction ]

[ Tax Terms Dictionary ] [ Tax Free Exchange ] [ Domestic Business Trust ]

[ International Business Trust ] [ Private Annuity Agreement ]

[ African Tax Planning ] [ North American Tax Planning ]

[ South American Tax Planning ] [ Tax Planning Websites ]

[ Tax Humor ] [ Tax Client Confidentiality ] [ Professional Fee Payment ]

[ Philippines Real Estate for Sale ]