There is an enormous amount of uncertainty about federal taxes for 2010 and 2011. Will proposed tax cuts, such as 50 percent bonus depreciation on equipment purchases, an extension of the research credit, and an increase in the deduction for startup cost for small businesses be enacted this year? Will the Bush tax cuts expire at the end of 2010, pushing personal tax rates for ordinary income and capital gains considerably higher in 2011 and eliminating special treatment for dividends? Amid this uncertainty, there are some new rules that will take effect in 2011 and they may impact your actions for this year.
Continues at: Tax Rules You Should Know About for 2011 : Money :: American Express OPEN Forum.
