Charitable Contributions There are new recordkeeping requirements for cash contributions, there are new limitations on contributions to donor-advised
funds, and there is a new filing fee for easements on buildings in historic district.
Child-Related Tax Changes Information on adoption benefits, child and dependent care credit, child's investment income, and additional child
tax credit.
Conflict-of-Interest Sales If you are a judicial officer and you sell property at a gain after December 20, 2006, according to a certificate
of divestiture issued by the Judicial Conference of the United States (or its designee) and purchase replacement property
(permitted property) within 60 days after the sale, you may elect to defer part or all of the realized gain.
Earned Income Credit The earned income credit amounts have increased for 2007 and 2008.
Economic Stimulus Payment You may be eligible to receive a payment as part of the Economic Stimulus Act of 2008.
Education-Related Tax Changes Information on education savings bond exclusion, hope and lifetime learning credits, tuition and fees deduction, and
student loan interest deduction.
Expired Tax Benefits The tax benefits that have expired and will not apply for 2008.
Federal Telephone Excise Tax Credit This credit was available only on your 2006 return. If you filed but did not request it on your 2006 return, file
Form 1040X .
Health/Medical-Related Tax Changes Information on Archer Medical Savings Accounts (MSAs), Health Savings Accounts(HSAs), and long-term care premiums.
Home/Residence-Related Tax Changes Information on mortgage insurance premiums, residential energy credits, and sale of main home by employees of intelligence
communities.
New Form 8919 If you were an employee treated as an independent contractor, use new Form 8919 to figure and report uncollected social
security and Medicare taxes.
Penalty for Erroneous Claim for Refund or Credit There is a new penalty if you file a claim for refund or credit of income tax in an excessive amount, and you did
not have a reasonable basis for making the claim.
Standard Deduction Amount Increases The standard deduction for people who do not itemize deductions on Schedule A (Form 1040) is, in most cases, higher
for 2007 and 2008.
Standard Mileage Rate The standard mileage rate for business use of your vehicle, medical and move- related use and charitable use has increased
for 2007 and 2008.
