2010 Tax Deductions: What is New

What is new for 2010 tax deductions and how it can impact your 2010 federal tax return.



You will find the Tax Credit for first time homebuyers up to $8,000 and &6,500 for existing homeowners are eligible if they close on their home prior to September 30, 2010.

The indexed tax brackets remain the same as in 2009

The personal exemptions you can claim remain the same as 2009 at $3,650 for each personal exemption.

The standard deductions remain the same as 2009.

The New Tax credit for College Tuition called the American Opportunity Tax Credit provides a credit up to $2,500 per student for four years in college and remains in effect through 2012.

The child tax credit if you have earned more than $3,000 for 2010 you will receive all or part of the credit refund which is down from $12,550 in 2009.

Non taxable Combat pay credit remains the same as $2009.

Mortgage Insurance Premiums paid on mortgages after 2006 expires on 12/31/2010.

Credit for Energy-Saving Home Improvements your 30 percent tax credit for the cost of energy home improvements was extended by the Tax Relief Act of 2010 through 2012.

To learn more go to IRS Link.

2010 Tax Deductions: Back to Tax deductions

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