|
Individual Deductions and Credits |
||
|
2008
|
2007
|
|
|
Federal Information |
||
| Std Deduction, Joint / Surviving Spouse | $10,900 | $10,700 |
| Std Deduction, Head of Household | $8,000 | $7,850 |
| Std Deduction, Single | $5,450 | $5,350 |
| Std Deduction, Married Filing Separate | $5,450 | $5,350 |
| Dependents | $900 | $850 |
| Personal exemptions | $3,500 | $3,400 |
| Additional Standard Deduction For Blindness or Age, Single | $1,350 | $1,300 |
| Additional Standard Ded. For Blindness or Age, Married | $1,050 | $1,050 |
| Maximum Child Tax Credit (Under age 17) | $1,000 | $1,000 |
| Hope Education Credit (100% of the first $1,200 expenses and 50% [$600] of next $1,200) * | $1,800 | $1,650 |
| Lifetime Education Credit (20% of expenses up to max of..) * | $2,000 | $2,000 |
| Higher Education Expense Deduction | $4,000 | $4,000 |
| Traditional and Roth IRA Contribution Limit | $5,000 | $4,000 |
| Traditional and Roth IRA Catch-Up Contrib. (Over age 50) | $1,000 | $1,000 |
| Charitable Mileage Rate | $ 0.14 | $ 0.14 |
| Medical / Moving Mileage Rate (1/1/08 to 6/30/08) | $ 0.19 | $ 0.20 |
| Medical / Moving Mileage Rate (7/1/08 to 12/31/08) | $ 0.27 | $ 0.20 |
|
Business Deductions and Credits |
||
| 2008 | 2007 | |
| Section 179 deduction maximum | $250,000 | $125,000 |
| Standard Mileage Rate (1/1/08 to 6/30/08) |
$0.505 |
$0.485 |
| Standard Mileage Rate (7/1/08 to 12/31/08) |
$0.585
|
$0.485
|
| Self-Employed Health Insurance Deduction | 100% | 100% |
| SEP Contribution limits (25%) | $46,000 | $45,000 |
| 401(k), 403(b), 457 and SAR-SEP Deferral Contributions | $15,500 | $15,500 |
| Catch-Up Contributions (401(k), 403(b), 457 and SAR-SEP Deferral Contributions) | $5,000 | $5,000 |
| SIMPLE IRA/401(k) Plan Deferrals | $10,500 | $10,500 |
| SIMPLE Catch-Up Contributions | $2,500 | $2,500 |
Jim Gage & Co., C.P.A.'s L.L.P. provides the information on this website as a service to our clients and the public. We make no warranties, express or implied, as to the accuracy of information presented on this page. While the information on this page is updated regularly, it may not reflect the most current position on a specific issue and should not be relied on for that purpose. As always, official sources and publications should be consulted for the most current rules and regulations.