Tax Changes 2010 Killer Information
Tax Changes 2010 – Business And Personal
The 2010 tax laws barely changed in comparison with the tax provisions enacted trough The American Recovery and Reinvestment Act of 2009.For 2010, small business owners can claim nearly half of the tax deduction they could claim in 2009. The deduction allowed for small business owners is equal to $135,000 of expenses for qualifying equipment purchased and placed in service during the year.The estate tax was repealed for 2010.The personal exemption remains the same as $3,650, just as in 2009.For 2010, the credit rate for energy saving home improvement has been reduced from 30% (allowed in 2009) to 10%.Similar tax law changes moderately affected some other deductions and tax credits allowed in the previous years.