Tax Changes – Why They Change And Some Changes For Your Knowledge.
Tax law changes are usually designed to reduce taxpayers income taxes, especially in our financial times, encourage potential small business owners, close up loopholes for corporations, and eventually increase income taxes for high income taxpayers.
To regulate the financial system and stimulate the economy, tax law provisions concerning taxpayers financial responsibilities are enacted almost each year.
In order to use all the tax benefits available and reduce your taxes, when tax planning you may consider some of these tax law changes.
For 2009, you may be eligible for great deductions, if for example, you bought a new home or you own a home for the first time. Or, you and many other working families may benefit from various income tax breaks.
For 2010, the estate tax was repealed.
We listed some of the tax law changes for 2009 and 2010 that might help you determine your deductions and claim the tax credits you may be eligible for.