2008 Efile Online IRS Federal 1040 1040A 1040EZ & State Tax Returns 2008
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or spyware. We offer safe, secure, affordable and fast tax preparation and efiling with the IRS. There is no charge for the tax preparation, it's free. You pay for printing and the electonically filing of your return. There's no risk or initial cash outlay. If you are not satisfied, just walk away. You won't pay a cent until you are actually and completely satisfied with the results with your tax preparation. Your privacy is important to us. We use the latest security technology to ensure that your personal information is kept safe and secure at all times. Your tax return information is protected using SSL encryption. You can Save your work on the preparation of a tax return and return later in the day or following days for data entry. Adobe Reader installed on your machine, it may be downloaded from Adobe's web site at the following address, just click on the link below to download and install Adobe Acrobat. 
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NEW FOR THE IRS 2008 TAX YEAR ? 2008 Tax Rate on Qualified Dividends and Net Capital Gain reduced The 5% tax rate on qualified dividends and net capital gain is reduced to zero. 2008 Economic Stimulus Payment Any economic stimulus payment you received is not taxable for federal income tax purposes but reduces your recovery rebate credit. You will need to know the amount you received in 2008 for your 2008 Tax Return filed in 2009. How Much Was My Stimulus Payment
If you did not receive an economic stimulus payment, you may qualify for a 2008 Recovery Rebate Credit. 2008 Standard deduction increased by Real Estate Taxes and Net Disaster Losses. Your standard deduction is increased by: • Certain state or local real estate taxes you paid. Your standard deduction is increased by the state and local real estate taxes you paid in 2008, up to $500 ($1,000 if married filing jointly). The real estate taxes must be taxes that would have been deductible on Schedule A if you had itemized your deductions. Complete the Standard Deduction Worksheet in the instructions to see if you qualify. and • A Net Disaster Loss attributable to a federally declared disaster. Your standard deduction is increased by your net disaster loss. Your net disaster loss is your personal casualty losses from a federally declared disaster minus any personal casualty gains. This amount is shown on Form 4684, line 18a. 2008 IRS Mileage Rates Beginning January. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be: Beginning June 30, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be: The rate for miles driven in service of charitable organizations has remained the same, 14¢. 2008 IRA Deduction expanded for you and if you have a spouse, your spouse. If filing jointly, each may be able to deduct up to $5,000 ($6,000 if age 50 or older at the end of the year). You may be able to take an IRA deduction if you were covered by a retirement plan and your 2008 modified adjusted gross income (AGI) is less than $63,000 ($105,000 if married filing jointly or qualifying widow(er)). If your spouse was covered by a retirement plan, but you were not, you may be able to take an IRA deduction if your 2008 modified AGI is less than $169,000. See the Form 1040 instructions for details and exceptions. 2008 Earned income credit (EIC). You may be able to take the EIC if: • A child lived with you and you earned less than $38,646 ($41,646 if married filing jointly), or • A child did not live with you and you earned less than $12,880 ($15,880 if married filing jointly). The maximum AGI you can have and still get the credit also has increased. You may be able to take the credit if your AGI is less than the amount in the above list that applies to you. The maximum investment income you can have and still get the credit has increased to $2,950. See the instructions for Form 1040 or 1040A. 2008 First-time Homebuyer Credit. If you bought a main home after April 8, 2008, and before July 1, 2009, and did not own a main home during the prior 3 years, you may be able to take this credit for 2008. However, For home purchases made after December 31, 2008, the new law raises the first-time homebuyer tax credit to $8,000 and extends that credit to November 30, 2009. Any required repayments to IRS are eliminated after 36 months in the home. Phase-outs begin for individuals with AGI greater than $75,000 ($150,000 for MFJ) for the year of purchase. If you meet the requirements, you can amend your 2008 tax return to take the credit or take the credit on the tax return for 2009. See the Form 1040 instructions. 2008 Alternative Minimum Tax (AMT) The ATM exemption amount has increased. The AMT exemption amount is increased to $46,200 ($69,950 if married filing jointly or a qualifying widow(er); $34,975 if married filing separately). This does not apply to tax year 2009, you have to wait for Congress and the President to act for 2009. 2008 Tax on Child’s Investment Income Form 8615 is required to figure the tax for a child with investment income of more than $1,800 if the child: 1. Was under age 18 at the end of 2008, 2. Was age 18 at the end of 2008 and did not have earned income that was more than half of the child’s support, or 3. Was a full-time student over age 18 and under age 24 at the end of 2008 and did not have earned income that was more than half of the child’s support. The election to report a child’s investment income on a parent’s return and the special rule for when a child must file Form 6251 also now apply to the children listed above. NEW FOR THE IRS 2009 TAX YEAR ?2009 First-time Homebuyer Credit. For home purchases made after December 31, 2008, the new law raises the first-time homebuyer tax credit to $8,000 and extends that credit to November 30, 2009. Any required repayments to IRS are eliminated after 36 months in the home. Phase-outs begin for individuals with AGI greater than $75,000 ($150,000 for MFJ)\ for the year of purchase. If you meet the requirements, you can amend your 2008 tax return to take the credit or take the credit on the tax return for 2009. 2009 Residential Energy Property Credit. Under the Recovery Act, the Residential Energy Property Credit allows a credit for eligible property placed in service after December 31, 2008, and before January 1, 2011, with the following modifications to the credit that was allowed in years prior to 2008: • Increase of residential energy property tax credit to 30% (from 10%) • Increase of maximum cap to $1,500 aggregate amount for 2009 and 2010 installations • Elimination of the $500 lifetime cap Eligible Section 25C property includes insulation materials, exterior windows and doors, central air conditioners, natural gas, propane or oil water heaters and furnaces, hot water boilers, electric heat-pump water heaters, certain metal roofs and stoves, and advanced main air-circulating fans. 2009 Unemployment Compensation Generally, a taxpayer’s gross income must include all unemployment compensation benefits received. Under the new law, in 2009 only, up to $2,400 of unemployment compensation will be excluded from gross income for federal income tax purposes. 2009 IRA Withdrawals for retirees reached and over age 70 ½ The new law addresses those retirees who have invested in the Traditional IRA's or 401(k)s and have reached the age of 70 ½. A new law gives the taxpayer who reaches or over the age of 70½ a one-year only in 2009 a break by suspending the IRS Rule. There are exceptions, such as it only applies to those retirees with an annual gross income, separate or jointly, of no more than $100,000. Donating to a public charity may also save you taxes. 2009 American Opportunity Tax Credit (Hope Credit) The Hope Credit, which is being renamed to the American Opportunity Tax Credit, has been enhanced in the following ways under the new law: • Amount increased to a maximum of $2,500 (from $1,800) per eligible student per year • Modified rate of 100% of the first $2,000; 25% of the next $2,000, with a maximum $2,500 per year allowed on $4,000 in qualifying payments • Forty percent of the credit will be refundable for 2009 and 2010 • Credit will now apply for all four years of college • Qualifying expenses will now include course materials • Phase-out level increased to $80,000 AGI ($160,000 for MFJ) 2009 Qualified Tuition Programs (“529 Plans”) For 2009 and 2010, a beneficiary of a qualified tuition program can use distributions to pay for computers and computer technology (including internet). Distributions will be tax-free. Previously, these expenses were not tax-free and were included in the beneficiary’s income and subject to penalty. 2009 IRS Mileage Rates Beginning January. 1, 2009, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be: and 2009 IRS Personal Exemptions and Standard Deductions Beginning January. 1, 2009, the Personal Exemptions and Standard Deductions will be and 2009 IRA Deduction Expanded You may be able to take an IRA deduction if you were covered by a retirement plan and your 2009 modified AGI is less than $65,000 ($109,000 if married filing jointly or qualifying widow(er)). If your spouse was covered by a retirement plan, but you were not, you may be able to take an IRA deduction if your 2009 modified AGI is less than $176,000. 2009 Earned Income Credit (EIC) You may be able to take the EIC if: • A child lived with you and you earned less than $40,295 ($43,415 if married filing jointly),or • A child did not live with you and you earned less than $13,440 ($16,560 if married filing jointly). The maximum AGI you can have and still get the credit also has increased. You may be able to take the credit if your AGI is less than the amount in the above list that applies to you. The maximum investment income you can have and still get the credit has increased to $3,100. For 2009 and 2010, EITC percentage will be increased to 45% of the first $12,750 of earned income for taxpayers who have three or more qualifying children. ( Prior to the new law, the credit percentage was 40% of the first $12,750 for taxpayers with two or more qualifying children.) In addition, the EITC phase-out range has been adjusted upward by $1,880 to eliminate any marriage penalty for joint filers. 2009 Child Tax Credit For 2009 and 2010, the refundable part of the child tax credit will be increased. The income threshold will now be set at $3,000. 2009 Personal Casualty and Theft Loss Limit Generally, a personal casualty or theft loss must exceed $500 to be allowed for 2009. This is in addition to the 10% of AGI limit that generally applies to the net loss. 2009 Credit for Nonbusiness Energy Property You may be able to take this credit for qualifying energy savings items for your home placed in service in 2009. 2009 Credit for Plug-In Electric Drive Motor Vehicles You may be able to take a credit if you place a plug-in electric drive motor ve-hicle in service in 2009. 2009 Temporary Tax Deduction on Car Purchases Purchasers of new vehicles will get an above-the-line deduction for the state sales taxes, local sales taxes, and excise taxes paid. To qualify, a vehicle must be newly purchased for first use by the taxpayer and must (1) be a passenger vehicle, light truck, or motorcycle with a gross weight of no more than 8,500 pounds, or (2) be a motor home. Deductible taxes cannot exceed the portion attributable to the first $49,500 of the price paid for any single vehicle. Phase-outs start for individuals with AGI greater than $125,000 ($250,000 for MFJ). 2009 Elective Salary Deferrals The maximum amount you can defer under all plans is generally limited to $16,500 ($11,500 if you only have SIMPLE plans; $19,500 for section 403(b) plans if you qualify for the 15-year rule). The catch-up contribution limit for individuals age 50 or older at the end of the year is increased to $5,500 (except for section 401(k)(11) plans and SIMPLE plans, for which this limit remains unchanged). 2009 Limit on Exclusion of Gain on Sale of Main Home Generally, gain from the sale of your main home is no longer excludable from income if it is allocable to periods after 2008 where neither you nor your spouse (or your former spouse) used the property as a main home. See Publication 553 for more details. 2009 Qualifying Child Definition The following changes to the definition of a qualifying child apply to years after 2008. • Your qualifying child must be younger than you. • A child cannot be your qualifying child if he or she files a joint return, unless the return was filed only as a claim for refund. • If the parents of a child can claim the child as a qualifying child but no parent so claims the child, no one else can claim the child as a qualifying child unless that person’s AGI is higher than the highest AGI of any parent of the child. • Your child is a qualifying child for purposes of the child tax credit only if you can and do claim an exemption for him or her. 2009 Divorced or Separated Parents A noncustodial parent claiming an exemption for a child can no longer attach certain pages from a divorce decree or separation agreement instead of Form 8332 if the decree or agreement was executed after 2008. The noncustodial parent will have to attach Form 8332\ or a similar statement signed by the custodial parent and whose only purpose is to release a claim to exemption. 2009 Alternative Minimum Tax (AMT) The ATM exemption amount has increased. The AMT exemption amount is increased to $46,700 ($70,950 if married filing jointly or a qualifying widow(er); $35,475 if married filing separately). This does not apply to tax year 2010, you have to wait for Congress and the President to act for 2010.
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