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DUE DATES:

March 15, 2010
Due date of 2009 Income Tax Returns for Corporations.
Last day for filing application for six-month extension for Corporations.

April 15, 2010
Due date for filing 2009 income tax returns for Individuals, partnerships, Trusts and Estates.
Last day to apply for extension for individuals, partnerships, Trusts and Estates.
Due date for first installment of 2010 estimated taxes by Individuals and Trusts.

May 15, 2010
Due date for filing 2009 tax returns by Exempt Organizations.

June 15, 2010
Due date for second installment of 2010 estimated taxes by Individuals and Trusts.

MILEAGE RATES FOR 2009 & 2010

Business mileage rate                       55 cents per mile for 2009
                                                            50 cents per mile for 2010
                                                                                
Medical or Moving mileage rate    24 cents per mile for 2009
                                                           16.5 cents per mile for 2010

                                            
Charitable mileage rate                    14 cents per mile for 2009 & 2010

 

CONTRIBUTION LIMITS FOR  2009, 2010 :
                                         Regular                             50 Years or Older
                                    2009          2010                  2009             2010                  
 IRA's                         $  5,000   $ 5,000              $ 6,000       $ 6,000   
 401(k) Plans              16,500    16,500               22,000        22,000     
 Simple Plans              11,500   10,500               14,000        14,000
 HSA Contributions:
     Self Only                 3,000      3,050
     Family Coverage    5,950      6,150
HSA Catch-up contributions for Individuals 55 or older  $1,000.    

MINIMUM WAGE RATES:
                                                     2009              2010
       Oregon State                     $ 8.40            $ 8.40 
       Washington State                8.55                8.55

NEWS:
Credits for Individuals:
American Recovery and Reinvestment Act of 2009 has created some new tax credits and exclusions:
  Making Work Pay Credit          -  Maximum credit up to $400 ($800 for joint filers)
  First-Time Homebuyer Credit  - Maximum credit up to $ 8,000 for homes bought before May 1,     2010. 
  Unemployment Compensation - Maximum exclusion up to $2,400.
     

PHISING SCAMS:
IRS is warning the taxpayers about e-mail scams and is reminding them that it does not send out unsolicited e-mails, or ask for personal of financial information, especially PIN numbers and passwords for credit card and bank account numbers.
IRS reminds that it never sends inquiries by e-mail.

Random Employment Tax Audits:
IRS will be conducting about 5,000 random employment tax audits starting in November 2009.
As indicated by the IRS, the random audits will cover:
      Worker Classification
       Fringe Benefits
       Officer Compensation
       Reimbursed Expenses