The five key tax bills passed by the Congress in 2008 have resulted in some tax breaks, and nearly 500 changes, which would be affecting quite a few people – including homeowners, parents, calamity victims, philanthropists and others.

With the help of important guidelines, taxpayers can steer through the seemingly confusing new 2008 tax rules!

According to the Internal Revenue Service, the rebate tax is apparently perplexing new tax break for most people because of an economic stimulus payment they received last year, as an “advance” on their 2008 taxes, which was calculated on the basis of their income the earlier year.

As per the new tax rules, if taxpayers did not get that rebate in 2008 or if the full amount was not given, they might be eligible for a rebate credit, provided they fulfill certain specified conditions.

Homeowners, who do not enumerate deductions, can increase their usual deduction to reimburse for part of the property tax they pay - the upper limit of such an increase is the amount of tax paid.

In the case of a personal property loss in a federal-declared calamity, other than the stock market, the “net loss” can be claimed by the taxpayers as an additional average deduction.

Tightening the requirements on corroboration of deductions for philanthropist donations, the Congress has encompassed all donations whatsoever into the domain of a receipt or canceled check for verification!