Due to inflation adjustments, tax brackets are set to widen in 2009. The IRS announced the new personal exemption and standard deduction amounts on October 16, 2008. The key changes that will affect 2009 tax brackets include the following: The new personal and dependency exemption amounts
Tax Deadline Changes For Some Businesses
Currently the extension due dates for calendar year Partnerships and Estates fall on October 15th, which is the same day that Individual tax return extensions are due. Often times this causes problems for those individuals who are waiting for a K-1 to complete their 1040. The IRS has recognized
Capital gains rate starts at zero in 2008.
You already know the federal tax rate on capital gains varies, depending on your tax bracket, the kind of property you sell, and how long you owned it. But are you aware that starting next year some capital gains won't be taxed at all? From 2008 through 2010, if your taxable income falls within