Tax Update for 2010

It's that time of year and once again Bill McCrone of William McCrone and Associates, is providing tax tips for us and offering you a discount on preparing your taxes!


Bill has shared with us that...'The Tax Relief Act, passed by congress on December 17, 2010 created many changes in the law when filing your 2010 income tax return. The problem here is that by so doing at such a late date the IRS has had to work overtime to incorporate these changes to their system. This means that anyone filing a tax return and claiming itemized deductions, certain tax credits, casualty and theft losses, educator expenses and much more will be not be able to E file their return and get a quick refund until after February 15h and possibly later.


The changes include: Extension of the lower tax bracket (this is a good thing), taxation of capital gains and dividends at the lower rate, repeal of the personal exemption phase out for higher income taxpayers, repeal of the itemized deduction phase out (these are all good for the taxpayer) and lower social security withholding by 2%.


There are many other changes and this would be a good year to get some expert help.'


For more information about filing your taxes, have some questions answered or for assistance in filing your taxes, you may contact Mr. McCrone as follows:


Phone & Fax: 239-514-4877
Cell: 216-513-4644
Email: billmccrone@comcast.net


Don't forget to mention that you saw this on our Blog when you contact Bill for a discount in filing your taxes!!!



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