If you need a crash course in the basics of tax planning,  this excerpt from my year-end  newsletter has the basics of 2010 personal exemptions, standard deductions, and automobile rates for tax-deductible uses.

KEY 2010 EXEMPTIONS AND DEDUCTIONS

Listed below for your reference are key deduction rates for 2010.

PERSONAL EXEMPTIONS

The personal exemption for each qualifying dependent remains at $3650 for 2010.

2010             2009

Exemption      $3650          $3650

 

STANDARD DEDUCTIONS

Standard deductions for those who do not itemize are shown below. Only the deduction for head of household increases for 2010.

2010         2009

Single                   $5700         $5700

Marr. Filing sep$5700         $5700

Marr. Filing jt     $11400    $11400

Head of hous        $8400       $8350

If age 65 or over and/or blind, add:

2010         2009

Single/HOH                  $1400     $1400

Married/ surv sp       $1100     $1100

STANDARD AUTO MILEAGE RATES

The standard mileage rates for 2010 are:

Mileage type                 2010 rate/mile

Business travel                  50 cents

Medical/moving              16.5 cents

Charitable work                14 cents

 

 

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