Geez, I didn't even go off on not being able to write off eligible medical and dental expenses if you don't file a Schedule A. As you probably know, why I link the Schedule to homeowners is because when someone has a mortgage this is the reason why they will often take the itemized deductions so that they can write off the interest. In my mind the whole tax code is *ss backwards for hardworking Americans and I have little faith that Obama will change this.
Another important thing to take not of is the Estate Tax provisions for the next 3 years. For 2009, if your estate's worth over 3.5 million, you will have to pay estate taxes, however, in 2010 there are no taxes at all for everyone (if nothing changes), and in 2011 it goes up to the 1 million dollar exclusion. It will be real interesting to see what Obama does here, because that's an awful lot of money that is going to be lost in 2010 and future years.
