Tax Code Changes Important For 2009 Federal Returns

Some homebuyers, parents, new car owners and students will want to know about changes to the federal tax code. The Internal Revenue Service says some of the changes are linked to the American Recovery and Reinvestment Act. Those new provisions offer tax incentives for people who bought a new home and owners who made certain energy-saving renovations to their residences. Those who are receiving unemployment compensation will also see differences. Other changes to the tax code cover Individual Retirement Accounts, the standard deduction and the amount a child can earn without being taxed at the parent's rate. More information about changes to the tax code is available at http://www.irs.gov/