Most of the tax talk so far this year has focused on the American Recovery and Reinvestment Act of 2009 (aka the Stimulus Bill). So it's easy to have overlooked some of the changes that affect your 2008 return due on April 15. This column gives you a quick review of some potential money savers. And while I'm at it, I'll also remind you of a few commonly overlooked deductions and give you a heads-up about some of the tax changes in store for 2009.

-- The standard deduction went up. If you are like most people and take the standard deduction (instead of itemizing), you'll be happy to learn it went up for 2008, to $10,900 for those married filing jointly (and up to $5,450 for single filers). If you're not sure whether you should itemize, just do the calculations both ways; choose whichever method gives you the bigger deduction.

-- You might be eligible for a tax credit if you're a recent first-time home buyer. If you bought your first home after April 8, 2008 (but by year-end 2008), you could be eligible for the "First-Time Homebuyer Credit" of $7,500 (or 10 percent of the home purchase price, whichever is smaller). This valuable tax credit applies to your 2008 tax return, but you have to pay the money back as an interest-free loan over a generous 15 years. The credit is subject to income requirements, so check with your tax preparer or the IRS to ensure you're eligible. (Note that this tax credit gets even better for first-time buyers in 2009, which I'll mention at the end of this column.)

-- You can contribute more to your IRA. Good news for IRA investors: For 2008, your maximum deductible IRA contribution is up 25 percent from 2007, from $4,000 to $5,000. If you're 50 or older, you can sock away up to $6,000. Now I realize it might be difficult to put that money into the stock market in this climate, but the opportunity to invest in your future and get a tax deduction (especially if you don't have a company-sponsored retirement plan) is just too valuable to pass up. If you really have no stomach for investing right now, just park the contribution in cash or a CD until you're ready to step back into the equities markets.

-- You can fear the AMT less. The Alternative Minimum Tax has been snaring more and more middle-income Americans, but Congress raised the AMT income-exemption figures for 2008 to $46,200 for single taxpayers and $69,950 for married couples filing jointly (and these figures will increase for 2009).

-- Get your share of the recovery rebate credit. Last year, millions of Americans received stimulus checks from the government. If you didn't get one or didn't get the full amount ($600 for individuals; $1,200 for married people filing jointly), but your circumstances have changed (say, for example, your income declined or you had an additional child), you may be eligible to receive a stimulus as part of your 2008 return. Check with the IRS or your tax preparer for details.

There are plenty of other changes, too, and the IRS website (www.irs.gov) has posted a web page with all the details.

Uncle Sam should definitely get his fair share when it comes to taxes, but there's no reason to overpay him. So while you're thinking about your 2008 taxes, don't overlook some of these common deductions for people who itemize:

-- Non-cash donations: Did you take a pile of clothing or household items to Goodwill, the Salvation Army or some other nonprofit institution? As long as they're in "good used condition or better," you can itemize the value of the donation. Just be sure to get a receipt and assign a reasonable resale value.

-- Refinancing costs: If you were able to refinance your mortgage at a lower rate, you can usually deduct any points (amortized over the cost of the loan) from your income taxes. Continued...