7 Tax Changes Every LearnVester MUST Know Before Filing This Year!

Tax Bracket Changes.

It may be lower than you think. The minimum income level for each tax bracket has been increased by at least 4%. So, if your income went up by less than 4% last year (for instance, you got less than a 4% raise, or received a higher raise later in the year), it’s possible that the new rules bump you down to a lower bracket. For instance, if you earned $82,000 in 2009, you were in the 28% bracket in 2008. But, now, you'd be in the 25% bracket.

Student Loan Deductions.

If you earn $75,000 per year or less (or if you and your spouse earn a combined $150,000 or less and you're filing jointly), you can deduct at least some of your student loan interest.

The Benefit Of Paying 2008 Taxes With A Credit Card.

If you paid a convenience charge for doing so, you can claim that as a deduction on your 2009 taxes with the rest of your itemized deductions. If you pay your 2009 taxes with a credit card, you can deduct the convenience charge on your 2010 tax return.