What's New
2008 Tax Law Changes
- 1040 FormIRS plans to conduct 13,000 National Research Program Audits for 2006 return
- Capital Gains Rate is 0% for low income tax brackets
- Kiddie Tax for children extended to children under age 24
- Mortgage Insurance Premiums are deductible again!
- Energy Credits for energy-saving improvements are not available in 2008
- 179 Bonus Depreciation increased to $125,000
- One time Rollover allowed from Health Savings Accounts to IRA
- Pension Plan Rollovers allowed for non-spouses upon death of employee
- Domestic Production Activity Deduction increases 100%
- Research Tax Credit extended and increased
- Increased IRS audits on filers who claim the Earned Income Credit
