Tax Time

By now you should have received your W-2 form so it's time to start prepping for tax filing. Most people expect to get a refund so the sooner you file the quicker you will get your refund. Here are two things to think about:

1. Standard Deductions Increases
The basic standard deduction for joint filers for the 2009 tax year will be $11,400, up from $10,900 for 2008. For singles, the amount for 2009 will be $5,700, up from $5,450.

2. Writing Off Your Loses
Beyond my 401K I'm not really an investor. But for those who do actually participate actively in the stock market. Investors are allowed to offset capital gains and losses, with no limit. If your losses exceed your gains, you can deduct as much as $3,000 of net losses ($1,500 if married and filing separately) each year. Additional losses get carried over into future years. So while most people are taking a loss, some will be able to get a write off for their loss several years in to the future.

To all my tax expert friends or those in the know, what other things should people be considering in prepping their 2008 taxes?