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