Punchlist of Tax Headlines for December 30, 2010

Tax breaks that were not extended in the Small Business Jobs Act of 2010 that are used most frequently are:

Qualified Motor Vehicle Taxes – The sales tax deduction for new cars that taxpayers could include on Schedule A is gone.

Property tax addition to standard deduction – Taxpayers can’t add $500 or $1,000 in property taxes to their standard deduction if they don’t itemize

Partial Exclusion of unemployment benefits – All unemployment benefits are taxable now; the $2,400 exclusion is gone.

Alternative motor vehicle credit – Hybrids and lean burning fuel cars are no longer eligible for a credit.

Waiver of the 10% AGI limit on disaster and casualty losses is no longer available.

If you would like more information on any of the above items, please give Kelly Phillips a call at 501.753.9700 or email her at kelly.phillips@bellandcompany.net.