Standard Deduction Increased
The standard deduction for people who do not itemize their deductions on Schedule A (Form 1040) is, in most cases,Read more.
Special Limitation Period for Retroactively Excluding Military Retirement Pay
If you retire from the armed services based on years of service and are later given a retroactive service-connected disabilityRead more.
Qualified Transportation Fringe Benefits
Beginning January 1, 2009, the monthly exclusion for commuter highway vehicle transportation and transit passes increased to $120 and theRead more.
2008 Changes The amount you can deduct for each exemption has increased to $3,500 for 2008. You lose part ofRead more.
New Rules for Children of Divorced or Separated Parents
Revocation of release of claim to an exemption. For tax years beginning after July 2, 2008 (the 2009 calendar yearRead more.
Increase in Limit on Long-Term Care and Accelerated Death Benefits Exclusion
2009 The limit on the exclusion for payments made on a per diem or other periodic basis under a long-termRead more.
Home/Residence-Related Tax Changes
Discharge of Qualified Principal Residence Indebtedness The Emergency Economic Stabilization Act of 2008 extended the exclusion from gross income forRead more.
Health/Medical-Related Tax Changes
Archer Medical Savings Accounts (MSAs) 2010 Changes For Archer MSA purposes for 2010, the minimum annual deductible of a highRead more.
Education-Related Tax Changes
Student Loan Interest Deduction 2009 For 2009, the amount of the student loan interest deduction is phased out (gradually reduced)Read more.