Tax Updates

2010 Tax Rates and Dollar Thresholds:

Many components of tax law are indexed each year for inflation, and several of the various dollar thresholds were released recently. Please see the following updates pertaining to 2010 changes and check back for those that have yet to be released:

• 2010 Roth IRA Conversions
• Health Savings Account (HSA) limits
• Qualified retirement plan limits (401(k), 403(b), etc.)
• Standard mileage rates
• Standard deductions and exemptions
• Gift and estate tax limits
• Income phaseouts for IRAs and other tax incentives

2010 Employment tax forms

Employers are required to have new employees fill out several different forms for the government relating to the employment process and tax withholding. Below are links to the required forms.

Federal Form I-9 & Instructions
Verifies eligibility for employment in the U.S. and is required by federal law.

Federal Form W-4
Indicates the amount of federal income tax to be withheld from an employee’s pay.

Wisconsin Form WT-4
Indicates the amount of Wisconsin income tax to be withheld from an employee’s pay.

To ensure compliance with Treasury Circular 230, we are required to inform you that any advice concerning U.S. federal tax issues contained on this website is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code and was not written to support the promotion or marketing of any transaction or matter discussed herein. Application of tax regulations is specific to the individual or business and we recommend that you consult a qualified Komisar Brady tax professional for how the above information may apply to you.