Once January hits it’s a good time to start getting ready for your taxes. To help you prepare, here’s 8 ways your 1040 is going to be different this year:
1. Due date this year is April 18.
Thanks to Emancipation Day being a District of Columbia holiday and falling on the usual filing deadline of April 15, you get an extra three days this year.
2. Phase-out worksheets have been phased out
Itemized deductions and exemptions can be written off in full. Previously these would dwindle away as your income increased.
3. Max adoption credit increased to $13,170
4. Self-employed allowed to deduct health insurance premiums when figuring out self-employment tax bills on Schedule SE
5. If you bought a home in 2008, you may have to repay part of the Homebuyer Credit
6. No real estate tax deduction if you don’t itemize your deductions
7. No deductions for sales taxes on buying a new car
8. 100% of unemployment benefits will be taxed
In 2009 your first $2,400 was tax-free.
What’s New on the 2010 Form 1040 [Smart Money]