Child-Related Tax Changes
Information on adoption benefits, child and dependent care credit, child's investment income, and additional child tax credit.

Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips
When figuring the credit, the amount of tips received during the month should be reduced by wages payable.

Credit for Prior Year Minimum Tax
There are several changes to the credit for prior year minimum tax.

Earned Income Credit
The earned income credit amounts have increased for 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.

Exclusion of Income for Volunteer Firefighters and Emergency Medical Responders
For tax years beginning after 2007 and before 2011,

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.

Increase in Limit on Long-Term Care and Accelerated Death Benefits Exclusion
New limits on exclusion payments made under a long-term care insurance contract.

Itemized Deductions
The itemized deduction phaseout income limits have increased for 2008.

Maximum Tax Rate on Qualified Dividends and Net Capital Gain Reduced
There are changes to the maximum tax rate on qualified dividends and net capital gain.

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 Failure to File Income Tax Return Increased
The failure to file penalty has increased.

Penalty for Frivolous Tax Submissions Increased
The penalty for frivolous filings has increased.

Personal Exemptions
The deduction amount and phaseout income levels have increased for 2007. Also, the definition of qualifying relative is clarified.

Recovery Rebate Credit
See if you are eligible for the recovery rebate credit.

Social Security and Medicare Taxes
The maximum amount of wages subject to the social security tax and Medicare tax has increased 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 2008.

Vacant Land Used as Part of Main Home Destroyed by a Hurricane
You may qualify to exclude from income gain from the sale of vacant land you owned and used as part of your main home that was destroyed by Hurricanes Katrina, Rita, or Wilma.

Wage Threshold for Household Employees
The social security and Medicare wage threshold for household employees is...