Gearing Up for the 2010 Tax Season

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February 1, 2010

There have not been a lot of new developments on the tax front since the beginning of 2010. Most notably, the estate tax was allowed to lapse and, so far, has not been reinstated. Look for more on this later in the year.

For those who have contributed to Haiti relief efforts: you should be able to take a deduction for your donations on your 2009 tax return. The donations must be made between January 11 and March 1 of 2010 and may be treated as if they were made on December 31. The recordkeeping rules for these donations have been relaxed so that if, for example, you donated by text message, you can use your mobile phone bill as proof of your donation.

It's now February 1, which means that most taxpayers should have or begin receiving all their tax documentation. Be sure to be on the lookout for your Forms W-2 (from your employer) and Forms 1098 (for things like mortgage interest, tuition and student loan interest) and Forms 1099 (for things like non-employee compensation, interest, dividends, real estate transactions and brokerage statements).

If you aren't sure about when you must file returns or take other actions, please check our tax calendar for filing and other deadlines.

If you have any tax questions or want help preparing your returns, please let us know. We are accepting new clients and would be happy to speak with you regarding your situation. We believe NinjaTax offers service superior to that of other tax professionals at a more reasonable cost.