Federal Tax Law Changes for 2009-2017

[Clodfobble]

Don't forget another handy part of the medical deductions is mileage driven on your car for medical visits/appointments.

[TheMercenary]

Proposals for tax increases in 2010 budget.

Taxes are going to generally increase for many people.

http://www.taxpolicycenter.org/taxto...010_budget.cfm

[Clodfobble]

Many people who have household incomes over $250,000, or individuals over $200,000, yes. That's been the proposal all along.

[TheMercenary]

Eventually even those who make less than 200k will also experience an increase in taxes.

[Clodfobble]

Eventually the sun's gonna explode, too. What's going to happen in the next 5-8 years? You can't predict anything farther out than that with any accuracy, because the next President/Congress may change everything that's getting changed now, and more.

[TheMercenary]

True dat.

And I believe that at least the senate will loose the super majority it now has and that will change things as well.

Who knows.

[Clodfobble]

I haven't paid too close attention, but hasn't every mid-term election in recent history moved the balance of Congress more towards the opposite party of the President? The pendulum just keeps going back and forth.

[TheMercenary]

Hmmm. I couldn't really tell you. I will state that I don't think it is good for the country for any one party to hold a majority in the both Houses and the White House. It was bad when the Republickins did it and it is not good now.

[TheMercenary]

Interesting..

Taxes for most wage earners on all health insurance plans, brand-name drugs and biologics, and medical devices.

I was under the assumption that if was only on certain health plans.

http://www.cnbc.com/id/34224628

[TheMercenary]

Summary of Tax Law Changes for 2010
Posted by Jamie Downey December 4, 2009 06:32 AM

The end of the year is now approaching and with the calendar’s change to 2010, we will also see a series of changes in federal tax laws. Certain tax deductions and benefits available to millions of Americans will no longer be available next year. Additionally, there are many changes to the rate structures, exemptions, phase outs etc. The following is a summary of some of the most important tax law changes to occur in 2010:

New vehicle sales tax - Effective January 1, 2010, individuals will no longer be able to take the itemized deduction or increase in standard deduction for sales tax on the purchase of a new motor vehicle.

Sales tax – Individuals will no longer be able to take an itemized deduction for state and local sales tax.

Educator expenses – Teachers will no longer be allowed to deduct out of pocket expenses incurred for school supplies. In the past, a deduction from adjusted gross income of up to $250 was allowed.

Roth IRA conversion – There are no income limits in 2010 for individuals that would like to convert a traditional IRA to a Roth IRA. Also, for any conversions in 2010, the tax will be paid in 2011 and 2012.

Phase outs - In 2010, there will be no phase out of itemized deductions or personal exemptions. This change will greatly benefit high income earners.

Unemployment income – In 2009, those receiving unemployment benefits can exclude up to $2,400 from their taxable income. This tax benefit will no longer be available in 2010.

Charitable distributions / contributions – Charitable distributions made directly from an IRA account to a qualified charity will no longer be excluded from your income

Home buyers credit – If you got on the home buyers tax credit gravy train back in 2008, you are required to start paying the credit back in 2010.

Alternative Minimum Tax – The AMT exemption is scheduled to decrease to $33,750 for single filers and to $45,000 for those filing a married joint return.

Retirement contributions - There is no change in the maximum contribution and individual can make to a 401(k) plan in 2010. This remains at $16,500. The catch up contribution of $5,500 for individuals age 50 + also remains the same.

Mileage reimbursement rates – Theupdated mileage reimbursement rates effective for January 1, 2010 are $0.50, $0.165 and $0.14 for miles incurred for business purposes, medical purposes and charitable purposes, respectively. These rates just changed yesterday.

http://www.boston.com/business/perso...ry_of_tax.html