Checking on Rebates- The economic stimulus checks handed out in 2008 were based on data from 2007 tax returns. But some taxpayers were shortchanged because they lost their jobs last year or their income in 2008 declined for other reasons. In that case, a rebate credit may be available when an individual's 2008 federal tax return is filed. Check with a tax professional if you are unsure of your status.

Gift-tax Exclusion- The IRS recently announced that the annual gift-tax exclusion has increased from $12,000 per recipient for 2008 to $13,000 per recipient for 2009. A married couple can jointly give gifts of up to $26,000 exempt from gift tax this year. For example, by giving the maximum gifts to ten family members for five consecutive years, you can reduce your taxable estate by $1.3 million.