Frank DiPaola,
EA
Tax Accountant
Tax Form Processing LLC
FOR THE TAXPAYER
SM
www.TaxFormProcessing.com
2400 N Forsyth Road Suite 101
Orlando, FL 32807-6445
What's NEW for Tax Year 2010?
2010 Tax Rate Schedule
Standard Deduction
Personal & Dependent Exemption Amount
Mileage Rates
Earned Income Credit Amounts
Social Security Tax Wage Limits & Rates & Medicare Rates
Contribution Limits for IRA's, ESA's HSA's, & Pension Plans
Adoption Credit Amount
IRC Section 179 Expensing Limitations
State & Local Sales & Use Tax Deduction Reinstated Under the 2010 Tax Relief Act
Above-the-Line Tuition and Fees Deduction Reinstated Under the 2010 Tax Relief Act
Above-the-Line Teachers' Classroom Expense Deduction Reinstated Under the 2010 Tax Relief Act
Special 50% or 100% Bonus Depreciation Allowance (Expanded Under the 2010 Tax Relief Act)
Business Start-Up Deduction Expense Increased
Self-Employed Health Insurance Deduction Now Reduces Self-Employment Taxes
Certain Pre-Tax Dollars in 401(k), 403(b), and 457(b) Plans Can Be Rolled Over to a Roth IRA
Gift Tax Annual Exemption Amount
Foreign Earned Income Exclusion Amount
Excise Tax on Indoor Tanning Services Beginning July 1, 2010
Health Insurance Coverage and Reimbursements for Children Under Age 27 Excluded from Gross Income
Homebuyer Credit Extended to September 30, 2010 for CERTAIN Purchases
Roth IRA Conversions
HIRE Act for Employers Who Hire Unemployed Workers
Repayment of Homebuyer Credit Begins for 2008 Home Purchases
Casualty and Theft Losses in Excess of $100 Per Event
No Phase-out for Itemized Deductions & Exemptions
Penalties Increased for Late-Filing of S-corporation and Partnership Tax Returns
Energy Star Appliance Rebates Tax-Free
All or Portion of Your Tax Refund Can Now Be Used to Purchase Series I - U.S.Savings Bonds
Domestic Production Activities Deduction (DPAD) Increased
Small Business Health Care Tax Credit
Estate Tax Revived for Year 2010
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Last Revised December 30, 2011
