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As if our tax code isn't already complicated enough, there were the usual changes that took effect at the beginning of 2008. You know the folks in Washington -- they can't leave well enough alone.

But we won't get started on that subject. Let's focus on the good news: There are actually some changes that could save you a few bucks!

Hey, we'll take it, right?

Remember, you won't see the benefits from these changes until you file your returns early in 2009, but it helps to know about them now so you can keep proper records and make the smartest decisions for your money.

Here, then, are 10 of the most important tax changes you should know about for 2008:

1. The so-called "kiddie tax": This taxes the investment income of children at the tax rate of their parents. It now applies to both children younger than 19 (that's good; it was 18) and to full-time students under age 24 who do not provide more than 50% of their own support. Both age groups may receive up to $1800 of investment income in 2008 and pay tax on that amount at their own lower tax rate.

2. Standard Deductions: These increase to: $8000 for Head of Household; $10,900 for Married filing Joint/Qualified Widower; and $5,450 for Single/Married Filing Separate. The additional amount for blindness and age is $1050 (married) and $1350 (single). For dependents claimed on another's return, the standard deduction is the greater of $900 or $300 plus earned income, not to exceed the filing status standard deduction of the dependent.

3. The Earned Income Credit: Phase-out limits have increased for 2008 as well as the available tax credit amounts. The maximum investment income you can have and still receive this credit has increased to $2950.

4. U.S. Savings Bonds: For taxpayers who receive income from qualified U.S. Savings Bonds used for qualified education expenses, the phase-out income limits have been increased: Married filing jointly or qualifying widow(er): $100,650-$130,650; married filing separately: deduction not allowed; all other filing statuses: $67,100-$82,100.

5. The Adoption Credit: The amount available for special needs adoptions and all other expenses increases to $11,650. The phase-out income limits for this credit are also increased. For 2008, the credit will be phased out for incomes between $174,730 and $214,730.

6. Keogh and SEPs: The maximum contribution to Keogh and SEPs (Simplified Employee Plan) increases to $46,000.

7. IRAs: The phase-out limits for contributions to Traditional and Roth IRAs have increased to $5000 from $4000, with an extra $1000 allowed for taxpayers 50 and older. Phase-out levels are married/filing jointly with AGI (adjusted gross income) of $159,000 and $101,000 for single filers.

8. 401(k) Plans: The maximum contribution to a 401(k) plan in 2008 is $15,500 if you are younger than 50; $20,500 if you are 50 or older.

9. Standard mileage rates have increased to 50.5 cents for business miles, decreased to 19 cents for medical and moving miles. Charitable mileage rate remains 14 cents/mile.

10. Earnings and Social Security: The amount of money you may earn before you Social Security benefits are affected has changed:

a. For people attaining NRA or normal retirement age (as defined by the folks at Social Security; click here to find your NRA) in 2008, the annual exempt amount is $36,120. This higher exempt amount applies only to earnings made in months prior to the month of NRA attainment.

b. For people attaining NRA after 2008, the annual exempt amount in 2008 is $13,560.

When earnings exceed exempt amounts, Social Security withholds $1 in benefits for every $2 of earnings in excess of the lower exempt amount. It withholds $1 in benefits for every $3 of earnings in excess of the higher exempt amount.

Every little bit helps, so be sure to take advantage of every tax break you're allowed. We recommend you discuss these and other changes, and how they affect YOU, with your tax advisor.

For more of our advice on taxes, click here to go to our Taxes section. And if you want to get smarter about everything money, here's what we want you to do: Sign up for our FREE email tip letter Your Money Matters with Ken & Daria Dolan. It's loaded with advice to make your life simpler and more rewarding – and it's FREE. Click here to sign up now!