http://finance.yahoo.com/taxes/article/111561/2010-tax-changes-you-need-to-know?mod=taxes-advice_strategy
Saw this article over on yahoo... no politics in it, just states facts. None of them apply to US personally, but might give a heads up to some on here so thought I'd pass it along... didn't post the WHOLE thing, but here's the intro, the 4 sections, and the outro. To read the details of the sections clicky de linky.
2010 Tax Changes You Need to Know
Despite the availability of professional tax preparation services, an estimated 40% of Americans do their own taxes. The typical do-it-yourself filer needs about 24 hours to complete the task, according to the IRS.
Commercially available software undoubtedly makes the job a lot easier, but no brand is guaranteed to be infallible. Thus, it's important for do-it-yourself filers to keep up as best they can with relevant changes to the tax code as a safeguard against errors in their tax prep software. Here are four of the most important changes to know about as you prepare your 2010 return.
1. Smaller Deductions for Business and Medical Mileage
2. Better Limits on Deductions for Property Damage or Loss Due to Theft
3. Deduction for Taxes and Fees on New Motor Vehicle Purchases
4. Bigger Deductions for Long-Term Care (LTC) Insurance Premiums
Other Tax Law Changes
As you can probably imagine, the government has tinkered with the tax rules quite a bit more than this article describes. To see what other potentially beneficial changes have been made, check out a list called "Tax Changes for Individuals" at the IRS website. Who knows what other sorts of breaks you might unearth?
Just for the heck of it here's a shortcut to the recommended "Tax Changes for Individuals" at the IRS website
http://www.irs.gov/formspubs/content/0,,id=178012,00.html
Under Child-Related Tax Changes notice the EIC one?
Earned Income for Additional Child Tax Credit
2010
For 2010, the amount your earned income must exceed to claim the additional child tax credit is $3,000.
Exceed What?? Anyone have a guess?
Saw this article over on yahoo... no politics in it, just states facts. None of them apply to US personally, but might give a heads up to some on here so thought I'd pass it along... didn't post the WHOLE thing, but here's the intro, the 4 sections, and the outro. To read the details of the sections clicky de linky.
2010 Tax Changes You Need to Know
Despite the availability of professional tax preparation services, an estimated 40% of Americans do their own taxes. The typical do-it-yourself filer needs about 24 hours to complete the task, according to the IRS.
Commercially available software undoubtedly makes the job a lot easier, but no brand is guaranteed to be infallible. Thus, it's important for do-it-yourself filers to keep up as best they can with relevant changes to the tax code as a safeguard against errors in their tax prep software. Here are four of the most important changes to know about as you prepare your 2010 return.
1. Smaller Deductions for Business and Medical Mileage
2. Better Limits on Deductions for Property Damage or Loss Due to Theft
3. Deduction for Taxes and Fees on New Motor Vehicle Purchases
4. Bigger Deductions for Long-Term Care (LTC) Insurance Premiums
Other Tax Law Changes
As you can probably imagine, the government has tinkered with the tax rules quite a bit more than this article describes. To see what other potentially beneficial changes have been made, check out a list called "Tax Changes for Individuals" at the IRS website. Who knows what other sorts of breaks you might unearth?
Just for the heck of it here's a shortcut to the recommended "Tax Changes for Individuals" at the IRS website
http://www.irs.gov/formspubs/content/0,,id=178012,00.html
Under Child-Related Tax Changes notice the EIC one?
Earned Income for Additional Child Tax Credit
2010
For 2010, the amount your earned income must exceed to claim the additional child tax credit is $3,000.
Exceed What?? Anyone have a guess?
