Tax changes to watch for on your 2010 return
Posted on March 10, 2011 in CBIZ Solutions+
Many familiar provisions remain, but tricky differences lurk
By Andrea Coombes, MarketWatch
SAN FRANCISCO (MarketWatch) — Your 2010 return is less complicated than it might have been, thanks to the Tax Relief Act in December, but there are changes that could trip you up.
Lawmakers’ agreement to extend the Bush-era tax cuts means many of the tax provisions you’ve come to know and love are still in place — and the Form 1040 is similar to last year.
But there’s bad news for some taxpayers. For instance, in 2009 unemployed workers could exclude up to $2,400 of unemployment benefits from income; that provision did not get extended for 2010, said Steve Henley, national tax practice leader with CBIZ MHM, in Atlanta.