Tax Breaks that were not extended in the Small Business Jobs Act of 2010 that are used most frequently are:
Qualified Motor Vehicle Taxes – the sales tax deduction for new cars taxpayers could include on Schedule A is gone.
Property tax addition to standard deduction – taxpayers can’t add $500 or $1,000 in property taxes to their standard deduction if they don’t itemize
Partial Exclusion of unemployment benefits – all of unemployment benefits are taxable now, the $2,400 exclusion is gone.
Alternative motor vehicle credit – hybrids and lean burning fuel cars are no longer eligible for a credit.
Waiver of the 10% AGI limit on disaster and casualty losses is no longer available.
If you would like more information on any of the above items please give Kelly Phillips a call at 501.753.9700 or email her at kelly.phillips@bellandcompany.net.
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