2009 -2010 Looking Forward to Change

Here are a few of the many tax changes for 2009-2010. Visit this website often for updated tax information:

• FICA (6.2%) maximum wage limit increases from $106,800 for 2009 to $106,800 for 2010. There is no Medicare (1.45%) maximum wage limit for 2009 or 2010.
• Standard Deduction Amounts for year 2010
  • MFJ & Surviving Spouses $11,400
  • HH ............................... $ 8,400
  • Single .......................... $ 5,700
  • MFS ............................. $ 5,700
• Plus Over 65 and Blind Deduction for year 2010
  • Over 65 and blind MFJ may deduct an additional $1,100.
  • Over 65 and blind single, not a surviving spouse taxpayers may deduct an additional $1,350.
• Personal Exemption Deduction for year 2010
  • Generally, each taxpayer may deduct $3,650 (for year 2009) subject to certain AGI phase-out limits (see IRS website for complete phase-out guidelines).
• Long-term Care Premiums deducted as medical care for year 2009
  • Age <41......................$ 320
  • Age >40 but <51..........$ 600
  • Age >50 but <61........$1,190
  • Age >60 but <71........$3,180
  • Age >70....................$3,980
• Standard Mileage Rates for year 2010
  • Business ................. $.50/mi.
  • Charitable ............... $.14/mi.
  • Medical ................... $.165/mi.
  • Moving .................... $.165/mi.

See other sections of this website for many other 2007 thru 2009 tax changes.

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