While the 2008 tax year is nearing an end (and the beginning of the filing season), it is still not too early to become aware of changes upcoming for the 2009 year. A few notable items for individuals are as follows:

• Personal and dependency exemption for taxpayers is up $150 from 2008 to $3,650 for 2009.
  
  
• The new standard deduction is $5,700 for singles and married individuals filing separately (an increase of $250 from 2008), $11,400 for married couples filing a joint return (an increase of $500), and $8,350 for heads of household (an increase of $350). According to IRS statistics, nearly two-thirds of all taxpayers take the standard deduction versus itemizing deductions.
  
  
• The maximum earned income tax credit for eligible taxpayers with two or more children is $5,028, an increase from $4,824 in 2008. Additionally, the income limit for the credit for joint return filers with two or more children is $43,415, an increase from $41,646 in 2008.
  
  
• The annual gift exclusion increases to $13,000, from $12,000 in 2008.

For further tax changes coming for the 2009 tax year, click here to access Revenue Procedure 2008-66.