Posts Tagged ‘inflation’

As this year draws to a close, many of you may be starting to think about your year-end bottom line. And taxes. The IRS has issued its Revenue Procedure 2008-66, which “provides the tax items adjusted for inflation for tax year 2009, such as itemized deductions, the tax rate tables, the earned income tax credit limits and many others.”

These changes are effective for taxable income in 2009 – so they won’t be used for your 2008 returns. Still, I thought many of you may like to know what to expect, as you begin to plan for next year.