· Roth and Traditional IRAs (Individual Retirement Accounts)–the maximum amount that can be contributed to an IRA for 2010 is $5,000 ($6,000 if age 50 or older). Also, the 401(k) contributions can be up to $16,500 (add $5,500 more if age 50 or older).

· Placing business assets in use late in the year can save taxes. Small businesses can expense up to $250,000 of the cost of equipment, etc., put in service for tax year 2010. However this break begins to phase out once $800,000 of business assets are in use.

· As of June 30, 2010, the 50% bonus depreciation that was available in the 2009 has not been extended by Congress for 2010.

· The Social Security wage base rose to $106,800 in 2009 and for the first time in many years, was unchanged for 2010. There is no change in tax rates: 6.2% on employers and employees for FICA up to the wage base, 1.45% on employers and employees for Medicare applies to all earnings (there is no taxable maximum).

· The standard mileage rate is 50¢ per mile beginning in 2010. The standard mileage rate was 55¢ per mile for 2009.

· Individuals can claim a tax credit in 2010 for the cost of an energy-efficient product or renewable energy system for your residence. You should determine that a Manufacturer’s Certification Statement can be obtained to verify eligibility as not all energy star qualified products qualify for a tax credit. The credit is limited to 30% of cost up to $1,500 for Air Conditioning (HVAC), Insulation, Water Heaters, Windows & Doors as well as other products. The credit is 30% of cost for Solar Energy, Small Wind Turbines and Geothermal Heat Pumps. Installation costs may or may not be included depending on the product. See www.energystar.gov for more information.