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Saturday, November 12, 2011

Additional Tax Credits and Deductions in 2010!

I think you omitted to mention the following to credits and deductions for 2010!

1. The Retirement Savings Contributions Credit:
This is designed to help low and moderate income taxpayers to save for retirement. Individuals with incomes of up to $27,750 and married couples with joint incomes of up to $55,500 may qualify for a credit of up to $1,000 per person.

2. Sales tax:

Taxpayers can deduct sales tax paid in 2010 if the amount was greater than the state and local income taxes paid by the Taxpayer. In other words, Taxpayers may get to choose to deduct sales tax paid in 2010 if the amount was greater than the state and local income taxes you paid.



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