The following is a recap of information that is current as of this posting; however, in a key election year, nothing is sacred. Expect to be surprised!  Suggest you bookmark this site and keep checking back to keep up with what else is developing that will affect your tax year 2010.

More Making Work Pay Credit. Despite criticism heaped upon the IRS for its handling of the ill-designed Making Work Pay Credit, we’re in for a second helping in 2010.  The credit provides taxpayers with a refundable tax credit of up to $400 for working individuals and up to $800 for married couples filing joint returns, so long as they otherwise qualify.  As for 2009, most taxpayers will continue to see the same withholding amounts in their paychecks throughout 2010 as they did in 2009, resulting in a small increase in take-home pay; taxpayers will then claim the credit on their 2010 tax returns. Employees with more than one job or married couples who both work may want to try out the IRS’s withholding calculator to see if any adjustments are necessary on their form W-4.

Please click ”Read More” for more issues that could affect your taxes for tax year 2010 …… Read More→