What's new with your taxes for 2010

By: Cecile Juliette Email
By: Cecile Juliette Email

GRAND JUNCTION, Colo. (KKCO) - Many of the same deductions will apply this year as they did last, thanks to a move by Congress.

Late December, legislators extended the Bush-era tax cuts. Orvile Peterson of Chadwick, Steinkirchner, Davis, and Co. says an extension of all the tax cuts, and the top tax rate stayed the same at 35 percent.

Peterson says it's wise to get a jump on taxes early, because the longer you wait, the longer you'll have to wait for a refund. He says Western Coloradans have a habit of preparing their taxes according to the weather. He says, "If we have a spring break is really crummy weather, right after we get a ton of tax returns that come in, but if we have a spring break that's warm and sunny...It ebbs and flows based on the weather."

This year, taxpayers have an extra 3 days to turn in their taxes thanks to a holiday in Washington D.C. that falls on April 15th.

Peterson says small business owners have a new tax credit for paying employee health insurance premiums.

Also, the Expanded Appreciation Deduction means you can deduct 1 percent of the cost of new equipment purchased after September 8th.

And the IRS is no longer mailing out paper tax packets. That means you have to either pick it up at your tax office, or download it online from the IRS website.

Peterson advises people to e-file, because he says if you're due a refund, you're likely to get it much more quickly.

If you have questions on your taxes or just want some help, go to the link below for our 2010 Tax Season Resource Guide.

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