10 tax changes for 2008

4. Standard deduction raised

Almost two-thirds of taxpayers take the standard deduction instead of itemizing their deductions. The standard deduction has been raised to:

  • $10,900 for married couples filing jointly, up $200
  • $5,450 for singles and married individuals filing separately, up $100
  • $8,000 for heads of households, up $150

Taxpayers can claim additional deductions for state or local property taxes they paid. They can also claim added deductions if they suffered losses from federally designated disastered.

(istockphoto.com)
4. Standard deduction raised Almost two-thirds of taxpayers take the standard deduction instead of itemizing their deductions. The standard deduction has been raised to: $10,900 for married couples filing jointly, up $200 $5,450 for singles and married individuals filing separately, up $100 $8,000 for heads of households, up $150 Taxpayers can claim additional deductions for state or local property taxes they paid. They can also claim added deductions if they suffered losses from federally designated disastered.