2010 Tax Form 1040: Deduction Limits Ended

The 2010 Form 1040 reflects a number of new tax breaks we want you to be aware of so you can take full advantage of them.  Today’s post addresses changes to the tax laws regarding small business cell phones and luxury vehicles.

Limits on personal exemptions and itemized deductions have ended. You no longer lose part of your deduction for personal exemptions and itemized deductions, regardless of the amount of your adjusted gross income.

If you have any questions on tax preparation or tax planning, please contact us.

© 2011 Thomson Reuters/RIA. All rights reserved.

Call Now Button