Monday, January 24, 2011

2010 Tax Returns

I filed my taxes yesterday looking forward to getting a big return back. Well, to my surprise there were some changes. I will be getting back significantly less than in previous years and we have to pay the state. You can still claim the itemized deductions. They say they haven't changed for 2010 and have been repealed for 2011 and 2012, as well. The phase out law was repealed. I don't know if it was just me, but it seems like the deductions didn' t help as much.

 I was getting unemployment benefits in 2010, they changed that too. They are no longer giving you a tax break on the first $2,400. So, if you received unemployment benefits in 2010, expect to get hit with more taxes. This is the worst possible time for them to be doing this. With this many people on unemployment they are going to pull this. Like you can afford to pay more when your unemployed as it is. Now, you have to pay more taxes on your unemployment benefits. I would like to know what they are doing with all of our money. Unemployment hits employers big time. Your employer has to pay unemployment every quarter and it is no chump change either. I used to pull in some descent wages, so I was hit with a couple hundred dollars in taxes a week. So, the way I look at it,  I paid into and this is the first time I have collected unemployment in my lifetime of working. I just get a little tired of them hitting the middle class so hard with taxes. Who do they hit with the tax increase? The unemployed. Make sense of that one.

Yes, if you bought a home in 2008 and 2009 and claimed the credit. Plan on paying back 1/15th of the credit back. I didn't buy my home in 2008 or 2009, but I really don't think it is fair for the U.S. Government to tell you have to pay back money for a credit they have already given you. To me that is a bunch of bullshit. 

The deductions for sales tax on new vehicles purchased in 2009 is gone. The break lapsed at the end of 2009 and was not reinstated. Boy, I'm glad I bought my car in 2008 instead of 2009.

However, the adoption credit was increase from $12,150 to $13,170. The credit was made 100% refundable for 2010. Where as in previous years it was not.

Also, Congress has passed a tax-law placing more pressure on professional preparers to e-file, instead of paper returns.

To say the least, I was not pleased when I filed my tax return yesterday. We fell in that group that got hit with the changes.

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