Despite folks in Washington clamoring for a simplified tax code at the end of 2009, it appears that 2010 is “shaping up to be one of the most surprising years on record for uncertainty with respect to taxes” with the potential to both cost or save taxpayers thousands of dollars in their tax liabilities!

The following list represents the 2010 top ten changes in federal individual income tax law that could have significant impact on taxpayers tax liabilities when filing their 2010 individual tax returns.

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Important Highlights Of 2010 Tax Law Changes

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Important Highlights Of 2010 Tax Law Changes[/quote]

In this document, there is no mention of the removal of the "additional standard deduction for property tax". In 2008 and 2009 single taxpayers could claim additional $500 and married an additional $1000 if you do not itemize deductions.

Is it true that this additional deduction will not be available in 2010? I'm trying to decide whether to pay my 2010 property tax in 2010 or wait until 2011 so that I can itemize in 2011, and this makes a difference for me.

Thanks!

The estate tax in the United States is a tax imposed on the transfer of the "taxable estate" of a deceased person, whether such property is transferred via a will, according to the state laws of intestacy or otherwise made as an incident of the death of the owner, such as a transfer of property from an intestate estate or trust, or the payment of certain life insurance benefits or financial account sums to beneficiaries. The estate tax is one part of the Unified Gift and Estate Tax system in the United States. The other part of the system, the gift tax, imposes a tax on transfers of property during a person's life; the gift tax prevents avoidance of the estate tax should a person want to give away his/her estate.
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Earl Nunes

What should also be kept in mind is that the capital gain and dividend rates were also extended by the Tax Relief Act of 2010. This is welcome new especially for IC-DISC shareholders.

The constantly changing tax laws have left most Americans in a state of confusion, so it is timely that BOSS Business Services has published a Special Report on the 2010 Tax Law Changes that summarizes the various tax law changes and how they will impact many taxpayers. The HIRE Act, Health Care Reform and phase outs of laws enacted during the Bush era are just some of the topics covered in this 17 page report.
“We wanted it to be easy to read and a useful resource for our clients” commented attorney Toby Mathis, President of BOSS Business Services. Mathis expanded “Our attorneys and accountants work extremely hard to break down difficult code sections into something any of our clients can understand. There are so many critical changes in the tax laws for 2010 that we decided to make the report available to all taxpayers.”
The Special Report includes 2010 Tax Information and convenient charts for individuals and businesses as well as summaries of the most important changes made by the recent tax acts. For example, the report not only gives a list of tax benefits that have expired in 2010, but it lists out new tax credits, expanded deductions for certain transactions and even breaks down the changes due to health care reform.