Tax Tip: Know what’s new

Tax Tip No. 4: Know What’s New: The tax code is always changing, but there are three important changes for 2010.

Specifically, self-employed individuals may deduct their health insurance costs against both income and self-employment taxes; taxpayers with high incomes don’t have to worry about phaseouts of their personal exemptions and itemized deductions; and the first-time homebuyers tax credit.

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