Now that the official first day of spring has passed, many of us must turn our thoughts to income taxes. Here are a few tips for you to consider as you begin your plan for 2008:

1) The standard mileage deduction will increase to 50.5 cents per mile, so be sure to keep a good record.

2) You can contribute $5,000 to your IRA in 2008 - $6,000 if you are over 50.

3) The provision permitting tax payers to deduct state sales tax expired at the end of 2007. That's a big deal for those of us in states like Texas, with no state income tax to deduct.

4) The maximum amount of earnings that will be subject to Social Security taxes in 2008 increases to $102,000.

5) About 2/3 of taxpayers do not itemize their deductions and there's good news for you:

the standard deduction for a married couple filing jointly will increase to $10,900 and for a single it will be $5,450 in 2008.

Don't forget the many tax benefits to home ownership as you prepare your taxes and begin to plan for 2008!