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Changes
in Tax Brackets
and Benefits for 2010
For 2010, personal exemptions
and standard deductions will change only slightly to
reflect inflation adjustments. Many levels will remain
consistent with 2009.
By law, the dollar amounts for a
variety of tax provisions must be revised each year to keep
pace with inflation. As a result of little inflation, there
will be no significant changes for 2010. The following is
a brief review of some of the key levels effecting 2010
returns, filed by most taxpayers in early 2011, include the
following:
-
The value of each personal and
dependency exemption, available to most taxpayers, will
remain at the same level of $3,650, no change from 2009.
-
The new standard deduction is
$11,400 for married couples filing a joint return in 2010
(no change from 2009), and $5,700 for singles and married
individuals filing separately (again, no change from 2009.
The Head of Household standard deduction increased slightly
to $8,400 for heads of household (up from $8,350 in 2009).
Nearly two out of three taxpayers take the standard deduction,
rather than itemizing deductions, such as mortgage interest,
charitable contributions and state and local taxes
For the other 3,
click
here or go to our
Newsletter section on our web site at
www.eSullivan.net or
call me, Paul Sullivan, at 240-316-3531.
IRS
Announces 2010
Standard Mileage Rates
Beginning on January 1, 2010,
the standard mileage rates for the use of a car (also vans,
pickups or panel trucks) will be:
-
50 cents per mile for
business miles driven
-
16.5 cents per mile driven for
medical or moving purposes
-
14 cents per mile driven in
service of charitable organizations
The new rates for business,
medical and moving purposes are slightly lower than last
year's. The mileage rates for 2010 reflect generally lower
transportation costs compared to a year ago.
The business mileage rate was
55 cents in 2009. The medical and moving rate was 24
cents.
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Regards, Paul Sullivan, CPA |
