10 tax changes for 2008

9. Earned Income Tax Credit rises

The Earned Income Tax Credit was designed to help working people with low incomes. This year, the IRS raised the income limits, allowing more people to qualify. They are:

  • $41,646 for people with two or more children
  • $36,995 for people with one child
  • $15,880 for those with no children

The maximum credit has been raised to:

  • $4,824 for people with two or more qualifying children, up from $4,716 in 2007
  • $2,917 for people with one child, up from $2,853
  • $438 for childless people, up from $428

Click here for more information.

(istockphoto.com)
9. Earned Income Tax Credit rises The Earned Income Tax Credit was designed to help working people with low incomes. This year, the IRS raised the income limits, allowing more people to qualify. They are: $41,646 for people with two or more children $36,995 for people with one child $15,880 for those with no children The maximum credit has been raised to: $4,824 for people with two or more qualifying children, up from $4,716 in 2007 $2,917 for people with one child, up from $2,853 $438 for childless people, up from $428 Click here for more information.