Child-Related Tax Changes:

• Adoption Benefits Increase - For 2008, the maximum adoption credit and maximum exclusion from income under your employer's adoption assistance program have increased.
• Child's Investment Income - For 2008, new rules apply for children between the ages of 18 and 23 with investment income.
• Earned Income for Additional Child Tax Credit - The minimum earned income amount has increased for 2008.

Education-Related Tax Changes:

• Education Savings Bond Exclusion - Modified adjusted gross income phaseout amounts have increased for 2008.
• Hope and Lifetime Learning Credits - The amount of the education credits and the income phaseout limits have increased for 2008.
• New Form 8917, Tuition and Fees Deduction - To claim the tuition and fees deduction, you must complete Form 8917, Tuition and Fees Deduction, and file it with Form 1040 or Form 1040A.
• Student Loan Interest Deduction - For 2008, the modified adjusted gross income phaseout amounts have increased.

Health and Medical-Related Tax Changes:

• Archer Medical Savings Accounts (MSAs) Limits Increased - For 2008, the minimum annual deductible, maximum annual deductible, and the maximum out-of-pocket expenses limit have increased.
• Health Savings Accounts (HSAs) - The minimum/maximum annual deductible, out-of-pocket expenses,and maximum contribution amounts have increased for 2008.
• Long-Term Care Premiums - For 2008, the maximum amount of qualified long-term care premiums includible as medical expenses has increased.
• Self-Employed Health Insurance Deduction - Self-Employed Health Insurance Deduction Partners and more-than-2% shareholders in an S corporation may be able to claim this deduction when the insurance policy is in the name of the partner or shareholder.

Tax Law Changes Related to Penalties:

• Penalty for Failure to File Income Tax Return Increased - The failure to file penalty has increased for 2008.
• Penalty for Frivolous Tax Submissions Increased - The penalty for frivolous filings has increased for 2008.

More Tax Law Changes for 2009:

• Tax Tips for 2009
• For Individuals
• For Businesses
• For Estates and Trusts
• For Tax-Exempt Organizations
• For IRAs and Other Retirement Plans
• Foreign Issues