Washington ? If you’re a first-time home buyer, victim of a natural disaster, or if you installed a small wind turbine in your backyard to generate electricity, you could find some tax relief when you file your 2008 return.

There also are new incentives to save for retirement, and some popular tax breaks have been renewed.

Start filling out your taxes, in fact, and you might find, “The IRS really gives me an opportunity to save some money this year,” said Jeff Schnepper, MSN tax expert and author of books on taxes and finance.

Here are some changes in tax law that may affect you:

Personal exemption

• Each personal or dependent exemption is now worth $3,500, up $100 from 2007.

Standard deduction

For people who don’t itemize, the standard deduction for 2008 has increased to:

• $10,900 for married couples filing a joint return, and qualifying widows and widowers.

• $5,450 for singles and married individuals filing separate returns.

• $8,000 for heads of household.

On state or local real estate taxes, the maximum deduction is $500, or $1,000 for joint filers.

Net disaster losses from a federally declared disaster can increase the standard deduction.

Alternative minimum tax exemption rises to:

• $69,950 for a married couple filing a joint return and qualifying widows and widowers.

• $34,975 for a married person filing separately, up from $33,125.

• $46,200 for singles and heads of household, up from $44,350.

Under current law, these exemption amounts will drop to $45,000, $22,500 and $33,750, respectively, in 2009. Form 6251 and the AMT Calculator provide more information.

First-time homebuyer credit

• Up to $7,500 for purchase of a principal residence between April 9, 2008, and June 30, 2009.

•To qualify, you must be a first-time home buyer or have not owned a home during the previous three years.

• The credit is actually an interest-free loan and must be paid back over 15 years.

Earned Income Tax Credit

The maximum earned income tax credit was raised to:

• $4,824 for people with two or more qualifying children.

• $2,917 for those with one child.

• $438 for people with no children.

Maximum income levels also are up:

• $41,646 for those with two or more children.

• $36,995 for people with one child.

8 $15,880 for those with no children.

Capital Gains Tax

The 5 percent capital gains tax is reduced to zero for people with taxable income below:

• $65,100, if married filing jointly or qualifying widow or widower.

• $32,550, if single or married filing separately.

• $43,650, if head of household.