Income Tax Changes 2008
A quick summary of some changes to the income tax rules for 2008

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Clients and Friends are encouraged to contact us directly at 1-866-633-3061 or by email at TME@barthcpa.com for specific help regarding how these changes may impact your income taxes for 2008.

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Before the New Year we always like to provide our clients and friends with a brief annual review of tax changes that apply to the current tax year - 2008. There are a number of changes to IRA contributions, tax exemptions, as well as standard deductions, and mileage reimbursement rates for 2008.

Social Security and Medicare

Standard Deduction Amounts

Exemption Value in 2008

2008 Business Mileage Deduction Rates

Increase to Earned Income Credit

2008 Lifetime Learning and Hope Credits

2008 IRS Contributions to Retirement Accounts

This year, the tax filing deadline for the tax year 2008 is April 15, 2008 - which falls on a Wednesday.