One of the most significant tax events of this year is the Estate Tax.  For 2010, the Estate Tax is zero, then jumps to 55% on estates over $1,000,000.    This presents some tax planning options that you should take advantage of.  Contact us  or call us at 904-377-9046.   Find some interesting reading on this here.

Value Added Tax, or VAT is coming, and everything you buy is going to get a lot more expensive.  If you live in a state with high sales tax you already understand the impact.  A value added tax is a national sales tax that will increase the cost of everything in your life.    It is likely to start out small and grow increasingly from there.  It seems contrary to me at a time when our government is trying to stimulate consumer spending. 

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Economic Recovery Payment If you received a payment during 2010, this payment is not taxable, but will reduce your making work pay credit filed on schedule M. 

Increased Standard Deduction   For taxpayers using the head of household filing status, the basic standard deduction has increased to $8,400.  Increases to the standard deduction last year have been replaced by a new set of increases this year.  

First Time Homebuyer Credit  2010 is the final year for claiming the credit for purchases before May 1, 2010.  Military and foreign service serving outside the US have an extra year.   If you took the credit in 2008, you start a pay back of the credit in 2010.   

Limit on Itemized Deduction expires in 2010

Standard Mileage Rates  The standard mileage rates for business use and medical- or move-related use of your vehicle have decreased for 2010 to 50 cents per mile.

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Affordable Care Act Tax Provision enacted on March 23, 2010.  Changes to health care for small businesses and self directed health care programs. 

Deduction for New Motor Vehicle Taxes
You can deduct state or local sales or excise taxes (or certain other taxes or fees in a state without a sales tax) in 2010 for the purchase of any new motor vehicle(s) after February 16, 2009, and before January 1, 2010.

Earned Income Credit (EIC)
The earned income credit amounts have increased as well as the income you can earn and still qualify.

Decrease in Personal Casualty and Theft Loss Limit.  Loss must now exceed $100 in addition to the 10% AGI limit.

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