Brady and Associates, LLC

Serving your financial needs today and tomorrow

Tax Acts of 2010

2010 has been a eventful year for changing tax laws.  Congress has passed multiple new laws and provisions including the Health Care Reform Bill, the Affordable Care Act, The Small Business Jobs Act and The American Jobs and Closing Tax Loopholes Act, and The tax relief, Unemployment Insurance  Reauthorization, and Job Creation Act of 2010.  These laws include provisions that affect, businesses, individuals, Estates and Trusts, Retirement plans, and charity’s.  This is in no way an all inclusive list and the changes are too numerous to list, but will highlight  some of the changes.

· Expanded section 179

· Bonus depreciation

· Cell phone changes

· 1099 reporting changes

· Section 1202

· Self Employed Health Insurance

· Retirement Plan

· Medical Savings Account

· EIC

 

 

In addition the IRS had added a new level of compliance and scrutiny for tax preparers.   While this is adding cost to our services, we believe that these changes will better protect the public from unqualified tax preparers.

 

To view highlights of recent tax changes please refer to IRS.gov