Tax Changes 2010 – Business And Personal
The 2010 tax laws barely changed in comparison with the tax provisions enacted trough The American Recovery and Reinvestment Act of 2009.
For 2010, small business owners can claim nearly half of the tax deduction they could claim in 2009. The deduction allowed for small business owners is equal to $135,000 of expenses for qualifying equipment purchased and placed in service during the year.
The estate tax was repealed for 2010.
The personal exemption remains the same as $3,650, just as in 2009.
For 2010, the credit rate for energy saving home improvement has been reduced from 30% (allowed in 2009) to 10%.
Similar tax law changes moderately affected some other deductions and tax credits allowed in the previous years.
Caught Up On Other Issues With The Tax Changes 2010, Contact Us Today!
Tax News Updates:
HOPF: Personal property replacement tax cuts may be outside control of local ...
Last year, a proposal that would have reduced income tax shared revenues by $300 million was met with stiff resistance and never came to fruition. It also happened in 2010, when cities and counties fought a proposal that would have cut the share of the ...
Reactions to tax bills in Boone County, Winnebago County
In 2010, that fell to $4.7 billion, and in 2011 it dropped all the way to $4.49 billion. Still, the amount of property taxes the county will attempt to collect continues to grow. In 2009, Winnebago County's tax extension was $448.8 million, ...
SC tax cuts not needed
The state cut $1.8 billion from the budget from 2008 to 2010. Fortunately, with more than $1.4 billion in new revenue because of the improving economy, many state agencies will see some of those cuts restored. The “extra” money, which state economists ...
Changes in management, questions for people around Lake Tschida
“That's 114 lots off the tax rolls.” Another fear is that if the trailers are removed at the end of the summer, the lake will lose its sense of community and pride. Hall said he knows the changes are not popular but concessions have been made along the ...
