Tax Law Changes and You


In December last year, Congress approved the extension of the Bush-era tax cuts through the Tax Relief Act 2010. This act includes a group of retroactive tax changes that affect the 2010 returns. As a result, the IRS had to update its system by making changes to forms and reprogramming its computers. Due to these changes, some taxpayers’ returns will not be processed until mid- to late February.

Since Congress restored the opportunity for taxpayers to choose between deducting state income taxes or state sales tax, the IRS had to revise the Schedule A – the form you use to itemize your deductions. It will not be ready for use until February 14. At the same time, some of those who do not itemize their deductions are affected, too. Those who can claim the $250 deduction available to teachers and teachers’ aides who spend money for classroom supplies or the deduction for up to $4,000 of qualifed college cost can now make these claims as they were reinstated by the President when he signed the legislation last December 17.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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