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Tax Year 2007 & 2008 Changes

2007
	AMT Temporary Fix Mortgage Insurance Deduction Foreclosure Debt Relief Teachers’ Deduction Extended for 2007 Kiddie Tax Rules for 2007 Rules to Claim Dependents Massachusetts’ Residents – Proof of Health Insurance Credit for energy-efficient home improvements
2008
	Energy Credit Extended thru 2008 2008 Kiddie Tax Ages Rise 2008 Gain on Home Sale for Surviving Spouse Capital Gains Rate Change for 2008 - 2010
More Tax Tips
	Estate Tax Planning Health Savings Accounts can lower your taxable income Receipts required now for ALL charitable deductions New rules for car donations Tax records to keep Tip reporting made easy IRS Refund scams Flood loss deductions must be more than 10% of your income Nonprofit Reporting

Note: information contained in these articles was correct when it was written but tax rules may have subsequently changed. Please speak to your tax professional at Salem Tax & Financial about any of the items that interest you.