Homebuyer Credit of 2008 Repayment
Those who took advantage of the Homebuyer's Credit back in 2008 will be required to begin paying it back in 2010.
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2010 IRS-Allowed | Standard Mileage | Rates |
| Business | 50 cents | ||
| Medical/Moving | 16.5 cents | ||
| Charitable | 14 cents |
Mileage Log requirements
Recordkeeping is an important element of claiming the standard mileage rate or actual costs of using a vehicle for business. A mileage log should be maintained for any vehicle used for business purposes. The log should be kept in the car for ready access. The mileage log should contain the following information for each business trip (or medical or charitable trips):
- 1. Date of trip
- 2. Business purpose for the trip
- 3. Location of start and finish to the trip
- 4. Miles driven for business purposes
- 5. Other expenses incurred such as parking and tolls
The vehicle log can also contain record of gasoline purchases, maintenance, oil changes, car insurance, car wash costs and auto club memberships for the year. This will allow you to determine the actual cost of operating your vehicle. Claiming actual costs is an alternative to the standard mileage reimbursement.
Limits that Remain Unchanged
| Type | 2009 Limit | 2010 Limit |
| Traditional & Roth IRA Catch-Up Contribution | $1,000 | $1,000 |
| Simple IRA & Simple 401(k) Salary Deferral | $11,500 | $11,500 |
| Simple IRA & Simple 401(k) Catch-Up | $2,500 | $2,500 |
| 401(k), $03(k) Fed. Gov't Thrift Savings Plan SARSEP Salary Deferral Contribution |
$16,500 | $16,500 |
| 401(k), $03(k) Fed. Gov't Thrift Savings Plan SARSEP Catch-Up |
$5,500 | $5,500 |
| 457(b) Salary Deferral Contribution | $16,500 | $16,500 |
| 457(b) Catch-Up Contribution | $5,500 | $5,500 |
| SEP Compensation Eligibility | $550 | $550 |
| Control Employee Definition for Fringe Benefit Valuation | $95,000 | $95,000 |
| Traditional & Roth IRA Contributions | 2009 | 2010 | ||
| Saver's Tax Credit | Married Filing Jointly | 50% Credit | $ -0- to $33,000 | $ -0- to $33,000 |
| 20% Credit | $ 33,001 - $36,000 | $ 33,001 - $36,000 | ||
| 10% Credit | $ 36,001 - $55,500 | $ 36,001 - $55,500 | ||
| Head of Household | 50% Credit | $ -0- to $24,750 | $ -0- to $24,750 | |
| 20% Credit | $ 24,751 - $27,000 | $ 24,751 - $27,000 | ||
| 10% Credit | $ $ 27,001 - $41,625 | $ 27,001 - $41,625 | ||
| Other Categories | 50% Credit | $ -0- to $16,500 | $ -0- to $16,500 | |
| 20% Credit | $16,501 - $18,000 | $16,501 - $18,000 | ||
| 10% Credit | 18,000 - $27,750 | $18,000 - $27,750 | ||
| Annual Addition/Contribution Limit Under a Defined Contribution Plan or SEP IRA |
$49,000 | $49,000 |
| Annual Benefit Under a Defined Benefit Plan | $ 195,000 | $ 195,000 |
| Compensation Cap | $ 245,000 | $ 245,000 |
| Key Employment Definition | $ 160,000 | $ 160,000 |
| Highly Compensated Employee Benefit Valuation | $ 110,000 | $ 110,000 |
| Compensation Amount for Fringe Benefit Valuation | $ 195000 | $ 195,000 |
| Social Security Wage Base | $ 106,800 | $ 106,800 |
| IRA Deductibility Compensation |
Married Filing Jointly & Active |
100% | $ 89,000 or Less | $ 89,000 or Less |
| Partial | $ 89,000 - $109,000 | $ 89,000 - $109,000 | ||
| None | $ 109,000 or More | $ 109,000 or More | ||
| Married Filing Jointly, Not Active, but Spouse is Active |
100% | $ 166,000 or Less | $ 166,000 or Less | |
| Partial | $ 166,000 -$176,000 | $ 166,000 -$176,000 | ||
| None | $ 176,000 or More | $ 176,000 or More | ||
| Married Filing Separately | Partial | Less than $10,000 | Less than $10,000 | |
| None | $ 10,000 or More | $ 10,000 or More | ||
| Single | 100% | $ 55,000 or Less | $ 55,000 or Less | |
| Partial | $ 55,000 - $65,000 | $ 55,000 - $65,000 | ||
| None | $ 65,000 or More | $ 65,000 or More |