The end of 2009 saw the expiration of tax breaks that meant relief for millions of Americans. So on April 15, 2010 — even if you make less than $250,000 — expect to be paying more to the IRS.
Included among the deductions that taxpayers can no longer claim are:
- State and local sales taxes
- An additional $1,000 deduction on real estate taxes for taxpayers who do not itemize deductions
- $250 for teachers who provide classroom supplies by using their own money
- A $4,000 credit for college tuition
Fewer deductions mean more taxes (sorry for insulting your intelligence (if applicable)).
Now, couple these higher taxes with the fact that the IRS screwed around by lowering withholding amounts… and hmm…me thinks this will be the most painful tax day ever for many people across this great land.
We'll be here.