|
Home
Page
Your Personal Taxes
Tax News You Can Use
Our Newsletter
Itemized Deductions
Federal Tax Deduction
Amounts
Business
Accounting & Taxes
Financial Services
About Our Staff
Map
The contents of this website do not
constitute a professional service. Always consult with a competent
professional for advice on tax, accounting and other financial matters
specific to your situation. If you wish to engage our firm for this
purpose, please contact our office.
Date last modified:
01/11/10
|
By the
Numbers: For Federal Tax Returns
2009
and 2010
Standard Deduction
and Personal Exemption Amounts
|
Single: $5,700
$5,700
Head of Household: $8,350
$8,400
Married Filing Joint: $11,400
$11,400 |
Qualifying Widow(er): $11,400
$11,400
Married Filing Separate: $5,700
$5,700
(your marital status on
December 31 generally determines your filing status) |
|
Additional standard deduction amounts allowed
age
65 or older, and/or blind -- per person, per event:
Single, Head of Household: $1,400/$1,400
Married Filing Joint/Single, Qualifying Widow/er: $1,100/$1,100 |
|
Personal Exemption:
$3,650/$3,650 |
2009
and
2010
Standard Mileage Rates
55.0 cents per mile
50.0 cents per
mile |
Unreimbursed Business miles |
24.0 cents per mile
16.5 cents per mile |
Medical miles, Job-related moves |
|
14.0/14.0 cents per mile |
Charitable miles |
2010 Maximum Retirement
Contributions
| Type of
Account |
Under 50 |
50 and Over |
| 401(k); 403(b),
457 |
$16,500 |
$22,000 |
Traditional IRA;
Roth IRA
(income limitations) |
$5,000 |
$6,000 |
| SIMPLE |
$11,500 |
$14,000 |
| SEP |
25%/$49,000 |
same |
2010
Education Credits and Deductions
Income limitations may apply.
Hope/Opportunity Credit
(first Four Years Undergraduate Tuition; 2009 and 2010
only)) |
100% of first $2,000 Tuition per
student
25% of next $2,000 Tuition per student |
| Lifetime Learning Credit
|
20% of first $10,000 all Tuition
combined |
| Student Loan Interest |
$2,500 maximum deduction |
| Coverdell Educational Savings
Account |
$2,000 maximum contribution per
beneficiary |
| 529 Plans |
Contribution limits set by plan;
may qualify for a state tax incentive. |
2010
Gift Amount and Estate Tax
| Annual Gift Maximum, per
recipient |
$13,000 |
| Federal Estate Tax Exemption |
In flux -- the estate tax was
supposed to be suspended for one year only. 2010 is that year; but
Congress may extend the 2009 rates retroactively. |
|
