The more things change, the more they stay the same―at least when it comes to the federal tax limits and deductions for 2010.
This month the IRS released federal tax amounts for the coming calendar year. While most of the inflation-adjusted tax amounts for next year are unchanged, 2010 does bring changes. In addition, the income-based restrictions on itemized deductions and personal exemptions are set to expire at the end of 2009.
Knowing which amounts have changed and which haven’t can be crucial to your tax and transaction planning for the coming year. The following quick-reference guide includes many of the most important tax amounts for 2010, and compares them to the previous amounts applicable for 2009.
Danette Hefty, EA