Politics & Government

Income Tax Changes 2010: What's New This Year

Procrastinators, pay attention or pay up: The IRS has made some changes this year.

Haven't filed your taxes yet? This is the final week to do so, but if you've waited until the last minute we've got you covered. Lots of changes went into effect this year as well. Here are some highlights, from the Internal Revenue Service. For more, see the IRS website.

Procrastinators rejoice! The April 15 due date is pushed back to April 18 because of the Emancipation Day holiday in Washington D.C. Everyone reaps the rewards, not just D.C. residents.

Thanks, health care reform: Self employed and paid out of pocket for health insurance? You may be able to include in your deduction any premiums you paid to cover your child who was under 27 at the end of 2010, dependent or not.

Find out what's happening in Marina Del Reywith free, real-time updates from Patch.

It pays to adopt: The maximum adoption credit has increased to $13,170.

AMT exemption on the rise: The AMT (Alternative Minimum Tax) exemption amount has increased to $47,450—$72,450 if married filing jointly or a qualifying widow(er); $36,225 if married filing separately.

Find out what's happening in Marina Del Reywith free, real-time updates from Patch.

Rollover that IRA: Half of any income that results from a rollover or conversion to a Roth IRA from an- other retirement plan in 2010 is included in income in 2011, and the other half in 2012, unless you elect to include all of it in 2010.

Your mileage may not vary: The 2010 rate for business use of your vehicle is reduced to 50 cents a mile. Uncle Sam doesn't care about your rising gas prices, sorry.

Expired tax benefits. The following tax benefits have expired and are not available for 2010.

• Increased standard deduction for real estate taxes or a net disaster loss from a disaster occurring after 2009.

• Itemized deduction or increased standard deduction for state or local sales or excise taxes on the purchase of a new motor vehicle (unless you bought the vehicle in 2009 after February 16 and paid the tax in 2010).

• Out of work? Out of luck on tax rebates. The exclusion from income of up to $2,400 in unemployment compensation. All unemployment compensation you received in 2010 generally is taxable.

• Government retiree credit.

• Alternative motor vehicle credit for qualified hybrid motor vehicles bought after 2009, except cars and light trucks with a gross vehicle weight rating of 8,500 pounds or less.

• Extra $3,000 IRA deduction for employees of bankrupt companies.

• Credit to holders of clean renewable energy bonds issued after 2009.

• Decreased estimated tax payments for certain small businesses.

Where to file: If you're like the increasing number of people, you can e-file your return through a number of online services. But if you're sentimental for the good old days of waiting in line at the post office on the due date, here are some postal places to hit up.

• 4766 Admiralty Way in Marina del Rey. Open Mon.-Fri. 8:30 a.m.-7 p.m.; Sat. 9 a.m.-5 p.m.

• 215 Culver Blvd in Playa del Rey. Open Mon.-Fri. 9 a.m.-5 p.m.

More locations local to you can be found here.


Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

We’ve removed the ability to reply as we work to make improvements. Learn more here