New Pocket Guide for Filing 2008 Returns Available from WISTAX

MADISON—Federal tax changes for tax year 2008 benefit first-time homebuyers, those affected by floods and other Wisconsin disasters, and military personnel, according to the Wisconsin Taxpayers Alliance (WISTAX). Increased mileage rates for business use of a vehicle, for medical expenses, and for moving expenses benefit those who itemize deductions. Explanations of the changes and "plain-English" instructions for filing federal and state tax returns are available in Taxes09, WISTAX’s pocket tax guide. WISTAX is a nonprofit, nonpartisan organization dedicated to public-policy research and citizen education.

State income tax changes were limited in 2008, mainly benefiting students and seniors. Wisconsin’s college tuition deduction increased to $5,114, and Social Security payments are no longer taxed by the state. (more)