Friday, November 21, 2008

Tax Law to the Rescue: 6 Ways the IRS is Giving Relief to Taxpayers

ABA Law Journal has put together a very well thought, and informative article on how the IRS is giving more relief to taxpayers this year than they have in the past. The author examines recent tax law changes over the past year and put together a list of ways the federal government is helping taxpayers. Below is a short list of the recent changes, but to read the full list click here.

1. A break for first-time homebuyers

2. Standard deduction increases

3. More help for hurricane victims

4. A break for military personnel

5. Some relief from the AMT

6. Simplifying low-income housing credits

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