Most taxpayers will be looking at all the possible savings and tax breaks they are eligible for in the coming tax season. There are some new ones as well as some that have been around for awhile that are often overlooked.

Investment Income

New for 2008 will be the 0% tax rate on investment income. For a short period taxpayers with income up to $61,100.00 can receive their dividends and long term capital gains tax free. This one is set to expire as soon as 2010.

Property Taxes

The new Housing Assistance Tax Act for 2008 allows for a deduction on your property taxes of up to $500.00 on single filer and up to $1,000.00 if you are married and filing jointly. This is a great deduction for those who choose not to itemize.

Economic Stimulus Check

If you did not receive a stimulus check in 2007, dont worry its not too late. Claim this credit for 2008 and you can receive a check this year for yourself or any qualifying dependents.

Read More, http://hubpages.com/hub/New-Federal-Tax-Breaks