New Year brings New Taxes

As the year of 2010 was ushered in with exuberance, so also were new taxes, but without the excitement. Taxes will differ this year with fewer deductions among the middle class and the benefits of yesteryear will vanish. There are now 70 new taxes on small businesses, and the middle class. These taxes and deductions include:

• Alternative minimum tax
• New home buyer’s credit will be deducted
• There are no more tax deductions for local and state taxes
• There are no more federal tax deductions for college tuition and fees
• The 50% write-off for purchase of capital for small businesses to expand is gone
• There is no longer estate tax this year, but 2011 it will go up to 55% (this poses an interesting question on death and taxes)

Bush’s enactment of tax breaks will end this year. Obama’s plan for the end of the year is to extend the Bush tax cuts for those who’s income is less than $250,000, but those who are above this income will be taxed without cuts.

Related Articles From Other Bloggers

• Revolt Repeal Recall Arnold Schwarzenegger -I was calling for Arnold Schwarzenegger's recall in August of 2008 and I am here again now in February of 2009 once again calling for his resignation, forced or not. Our economy is in the dumps, he didn?t come through and save us. I can deal with that, but I......
• Claiming Hope Scholarship Credit For Your Taxes -/caption] With many students going to and  returning to classes, I wanted to remind you that you want to claim your Hope Scholarship Credit come tax season. What is the Hope Scholarship Credit? The Hope Credit is an educational tax credit that can reduce your income tax. The IRS has specific......
• Self Employment Tax -For those who are self employed, the self employment tax and the burden it imparts is a major stressor that can make things tense for those with their own businesses. All it takes is a small bit of time and know how to overcome the burden. The first time you......
• My Life as a Volunteer Tax Preparer - Week 7 -For the first time, my weekly experience in the volunteer tax preparer office was somewhat disappointing. Although I met some interesting people and completed 4 of 5 returns, there were none of the uplifting stories that I had become accustomed to hearing. Nevertheless, I think the stories may still be......
• Make A Car Donation and Get Tax Relief! -Are you taking any income tax deductions? We love our cars, don’t we? But there comes a time when we are paying more out for those cars than they are giving back to us. We must let go. How best to do that? Sell it? The disadvantage of selling an......

Get Free Email Updates
Like this article? Enter your email address and click "Subscribe" to get the latest articles sent to your email for free. Your email will only be used for this daily update and you can unsubscribe anytime.

* Subscribe to our feed now, it's free!

• Banking: Money Market Rates, Small Business Loans, VA Mortgage,
• Credit Cards: Best Credit Cards, Best Business Credit Cards, Best Student Credit Cards.
• Credit Score: Build Business Credit, Credit Score, Credit Repair.

No comments yet.

Please share your comment: