Tax-bracket thresholds increase for each filing status.  For a married couple filing a joint return, for example,  the taxable-income threshold separating the 15% bracket from the 25%  bracket is $65,100, up from $63,700 in 2007.

The maximum earned income tax credit for low and moderate income workers and working families with two or more children is $4824, up from $4716.  The income limit for the credit for joint filers with two or more children is $41,646, up from $39,783.

There are still more changes and I will continue to post them over the next few days.

The standard mileage rate for business use of your vehicle this year will be:

50.5 cents per mile for the period 1 Jan 2008 – 30 June 2008.

58.5 cents per mile for the period 1 Jul 2008 – 31 Dec 2008.

If you itemize medical expenses, you can claim 19 cents per mile for the January thru June period and 27 cents per mile for the period July through December.  The same rates also apply to moving expenses, if you made a deductible move.

Charitable related mileage remains the same for this year and it is written off at 14 cents per mile.

I will be posting some of the additional changes related to this years Income Tax Return in the next few days.