3 Important Tax Changes for 2008

Three tax law changes that you should consider before filing your federal tax return for the 2008 tax season. Some tax breaks have been renewed, the standard deduction has been increased, contribution limits have risen for many retirement participants.

1. Tax Breaks Renewed

You can still take a tax break for the state and local taxes that you paid during the tax year on your federal return. If you are an educator, you can take a deduction of supplies you purchased on the front page of form 1040. And students can still take deductions … Read more at 2008 Taxes.