Each personal or dependent exemption is now worth $3650, up $150 from 2008.

Standard deduction:
$11,400 for married couples filing jointly and qualifying widows and widowers.
$5,700 for singles and married individuals filing separately
$8,350 for heads of household
You may be able to claim a higher a higher standard deduction if you are 65 or older, blind paid state or local real estate taxes or sales or excise taxes on a new vehicle or were a victim of a federally declared disaster.

Alternative minimum tax exemption:
$70,950 for a married couple filing jointly and qualified widows and widowers.
$35,475 for a married person filing separately
$46,700 for singles and head of household

Home buyer credit:
Up to $8000 for first time home buyers for purchase made through April 30 2010
Up to $6,500 for long-term home owners for purchases made between Nov. 7, 2009
And April 2010.
To qualify, the home must be the primary residence. The credit begins phasing out for married couples filing jointly with modified adjusted gross incomes above $225,000 and for individuals with incomes above $125,000.

Energy efficiency credit:
30% of the cost of installing energy-efficient windows or doors, air conditioners or furnaces or other energy-saving improvements, up to a maximum $1500.

American opportunity Credit:
Up to $2500 to cover college tuition, fees and required course materials.
To qualify, the student may not have completed four years of college. There are also income limits.

Earned income tax credit:
The maximum was raised to;
$5,657 for people with three or more qualifying children.
$5,028 for people with two children
$3,043 for those with one child.
$457 for people with no children.

Retirement: If you’re covered by a retirement plan at work, the maximum modified adjusted gross income you can have and still take a deduction for IRA contributions rose to $65,000 – $109,000 if married filing jointly. The maximum deduction is $5000, $6000 if you were 50 or older by the end of 2009

Long-term Capital Gains Taxes:
0 percent if taxed in the 10 percent to 15 percent brackets.
15 percent maximum for taxpayers in higher brackets.

Mileage deductions:
55 cents for each mile driven for business
24 cents for each mile driven for medical reasons or part of a deductible move.
14 cents for each mile driven as part of charity work.

Be sure to double check all numbers before using them to complete your tax filings.
As you learned from the January issue of “Tax Talk”, the standard mileage deduction for business owners for 2010 went down 5 cents to .50. For medical and moving expenses the mileage deduction went to 16.5 cents, down .24 from 2009.
I hope this helps.