2009 TAX CHANGES

Part of your unemployment compensation can be exclude from gross income.
The standard miles rate for the cost of operating your car for business use is 55 cents per mile. Also, the Medical and Moving miles rates went up, but the charitable standard mile rates remained the same.
The standard deduction amount for people who do not itemize their deductions increased from 2008.
You can deduct the state or local sales imposed on the purchase of a qualified motor vehicle after February 16, 2009, and before Jan., 2010.
If you claimed a casualty or theft loss deduction and in a later year you received more reimbursement than you expected, you do not need re-compute the tax for the year in which you claimed the deduction.
If you retire from the armed services based on years of service and are later given a retroactive service-connected disability rating by the VA, your retirement pay for the retroactive period is excluded from income up to the amount of VA disability benefits you would have been entitled to receive.
Non-business energy property credit. This credit, which expired after 2007, has been reinstated. You may be able to claim a non-business energy property credit of 30% of the cost of certain energy-efficient property or improvements you placed in service in 2009.
The monthly exclusion for commuter highway vehicle transportation and transit passes increased to $120 and the monthly exclusion for qualified parking increased to $230. Beginning March 1, 2009, the monthly exclusion for commuter highway vehicle transportation and transit passes increased to $230.
You may be reimbursed for reasonable expenses of qualified bicycle commuting. Reasonable expenses include the purchase of a bicycle and bicycle improvements, repair, and storage.
The amount you can deduct for each exemption has increased to $3,650 for 2009.
Revocation of release of claim to an exemption. New rules apply to allow the custodial parent to revoke a release of claim to exemption that was previously released to the non-custodial parent.
If you or your spouse is an employee, enrolled volunteer, or volunteer leader of the Peace Corps, you may be able to exclude from income a gain from selling your main home, exceptions apply.
If you are a first-time homebuyer, you may be able to claim a one-time tax credit equal to the lesser of: $7,500 ($8,000 if you purchased your home in 2009), or 10% of the purchase price of your home.
The Emergency Economic Stabilization Act of 2008 extended the exclusion from gross income for the discharge of qualified principal residence indebtedness by an additional 3 years. The exclusion now applies to debt discharged after 2006 and before 2013.
Increase in Deductible Limit for Long-Term Care Premiums is based on age. $320 for age 40 and under; and for 71+ is $3, 980. (deduction varies by age.)
There is a new Schedule L, Standard Deduction for Certain Filers– include disaster loss deductions, real property tax deduction, and motor vehicle sales tax deductions.

Source IRS

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