Tuesday, December 14, 2010

Cheat sheet for doing the 2010 tax returns

12/14/2010

  • IRS has released the P17 for 2010 tax year.

  • Due date of tax return has changed:
    The due date of Form 1040 is April 18, 2011, instead of April 15, 2011.

  • Expired tax benefit:
    The exclusion from income of up to $2,400 in unemployment compensation.
    All unemployment compensation you received in 2010 generally is taxable.

  • Expired tax benefit:
    No increase standard deduction for real estate taxes paid in 2010.
    The additional deduction amount in 2009 was either the amount of real estate taxes paid, or $500 for single filers or $1,000 for joint filers, whichever is less.