Here are the newest tax law perks for 2008. Check with your tax preparer to see if they apply to you…

• If you didn’t get the full Economic Stimulus check last year, you may still be able to get it this year especially if your income is lower due to unemployment or investment losses. Your tax preparer will need to know how much you received last year. If you don’t remember how much your check was, you can find out at “How Much Was My 2008 Stimulus Payment” at the IRS site. Once your taxes are completed, you’ll find out if you’re going to get additional Economic Stimulus money. If you owe taxes, it will reduce the amount owed. If you’re getting a refund, it will be included. If you earned over $75,00 (single) or $150,000 (married), the credit starts phasing out.Babies born in 2008 may also be eligible for the $300 stimulus payment. If you claimed your child last year but supported himself in 2008, he may be eligible for up to $600.
• Some of your capital gains may not be taxed at all. If you’re taxable income puts you into the 10% or 15% income tax brackets (read about Marginal Income Tax Brackets), you won’t pay any capital gains taxes. Even if you are in a higher bracket, some of your gain might qualify for the zero rate.
• Breaks for Higher-Income Taxpayers. Some of the Bush Administration tax breaks are still phasing in (many will expire in 2011 unless Congress acts to keep them in place). In 2008, itemized deductions and personal exemptions phaseouts were increased – resulting in lower taxes. The itemized deductions phase-outs start at adjusted gross income of about $159,950 for most taxpayers with exemptions at $159,950 for single filers and $239,950 for joint filers.
• $7,500 Credit for First-Time Home Buyers. If you bought your first home (or hadn’t owned a home in 3 years) between April 8, 2008 and July 1, 2009, you may qualify for a credit of 10% of the purchase price up to $7,500 on your 2008 return.If you buy in 2009, you can take the credit on your 2008 return or amend if you purchase after filing. The current economic stimulus bill may change this so check with your tax preparer.

  The credit is really a no-interest, 15 year loan that will be paid back each year ($500 per year).

As Congress debates the new economic stimulus bill, there may be many changes that affect your taxes. Your tax preparer stays up-to-date with all the new information so don’t wait until tax time to check in and do some tax planning.