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2010 Tax Changes in store

I was surprised at the number of changes scheduled to take place for the 2010 tax year for individuals.  I was reading the instructions to the 2009 tax return instruction booklet when I came across the following expiring tax benefits:

-  Deduction for educator benefits. Yes, this affects you teachers.

-  Tuition and fees deduction.  Parents of college children won't be happy on this one.

-  Increased standard deduction for real estate taxes or net disaster loss.

-  Deduction for state and local sales taxes.

There are more but the above mentioned touch on quite a few taxpayers.  Give me a call for a tax planning meeting to see how these changes will impact you.  My firm offers tax preparation services to individuals and business owners.  


Richard J. Garcia | 02/04/2010