Taxes - What's New For 2008

Minimum Requirements

The minimum income required to submit a tax return has increased taxes for the 2009 season. Have you below the minimum income for your registration status, it is not necessary to submit a tax return. The minimum income for different registration status are as follows:

Single
• Under 65, $ 8,950
• 65 years or older, $ 10,300

Head of Household
• Under 65, $ 11.500
• 65 years or older, $ 12,850

Married, filing jointly
• Under 65 (both spouses), $ 17,900
• 65 years or older (one spouse), $ 18,950
• 65 years or older (both spouses), $ 20,000

Married, Filing Separately
• All ages, $ 3500

Qualifying Widow (er) with dependent children
• under 65, $ 14,400
• 65 years or older, $ 15,450

Exceptions

The amount of each exemption has increased from $ 100 for the year 2008 to $ 3,500 per exemption. The income for the exemption phase-out for your 2008 again changed. You can make a $ 500 deduction entitlement to housing for the care of a person by a disaster in the Midwest were left homeless.

Standard deduction

The amount of the increased standard deduction for the year 2008 has allowed the amount in 2007 for most taxpayers. In addition to the annual allocation may increase the inflationary adjustments, the standard deduction from state or municipal property taxes are raised (ie, would come for a deduction if you had broken your prints) to $ 500, or up to $ 1,000 for married couples filing common. The deduction may be increased by a net disaster loss from a federally declared disaster.

Itemized deductions

Some broken deductions for 2008 are temporarily suspended if your gross earnings of more than $ 159,950 if you are married, share registration, and $ 79,975 if you are married filing separately.

First-Time Homebuyer Credit

The first-time homebuyers credit works like an interest-free loans of up to $ 7500, that the taxpayers pay back within the next 15 years. This is a limited time only credit available to first time bought their own home, a home between the 9th April 2008 and to 30 June 2009. If you are a first time home buyers in the market for a new home, shopping at home before 1 July 2009 is you can take advantage of this credit in the tax season 2010.

Energy Efficient Property Credits

The energy-efficient real estate loans extended during the year 2016th Solar electric and water heating products qualify for these loans. Starting in 2008, geothermal heat pumps and small wind turbines qualify for the energy efficient mortgage.

From 2009 (for 2010) tax season, credits for insulation, exterior windows, exterior doors and some other energy-saving home improvements will be reinstated. If you plan to make upgrades to your home in the coming years, look into energy-efficient products, and you can have for this tax next year.

Editor Tips

Tax-burdened Americans professional help in solving their IRS problems have more options than ever before. The Tax Debt relief industry has seen dramatic growth over the past 5 years, as many companies the arena to have entered the taxpayers by offering a sharp increase in IRS tax compliance enforcement affected.

If you have unfiled tax returns and you want to know what your options are and what you should do, the answer is simple, file tax returns as soon as possible. Be the longer you wait, the harder the IRS penalties. Even if the IRS finds you before you file, you probably harsher penalties and even the risk of going to jail.

In order to pay back taxes, you must file tax returns from previous years or the IRS is a "replacement back submit" for you, which is not good, because it contains no deductions. It is best to work with a tax firm that can represent your back taxes and file, or negotiate on your behalf, not because the IRS and state tax codes easily.