The IRS has made a series of changes that could affect your 2010 estimated tax payments. Today we continue our series of blog posts to highlight those changes.

Today, our topic is the first time homebuyer credit.

According to the IRS, if you claimed the first time homebuyer credit for a home you bought in 2008, you must begin repaying the credit in 2010.

If you’ve been reading the blog lately, you know that the IRS has made a series of changes that could affect your 2010 estimated tax payments. Today we continue our series of blog posts to highlight those changes.

Our topic of the day is the alternative minimum tax (AMT).

According to the IRS, the AMT exemption amount is scheduled to decrease to $33,750 ($45,000 if married filing jointly or a qualifying widow(er); $22,500 if married filing separately).

The IRS has made a series of changes that could affect your 2010 estimated tax payments. To keep you informed, today we continue our series of blog posts to highlight those changes.

The topic for today’s post is disaster losses.

According to the IRS, the special rules that were in effect in 2008 and 2009 for losses of personal use property attributable to federally declared disasters do not apply to losses occurring in 2010 and later years.

The IRS has made a series of changes that could affect your 2010 estimated tax payments. To keep you informed, we continue our series of blog posts to highlight those changes.

Today’s topic is the decrease in personal casualty and theft loss limit.

According to the IRS, each personal casualty or theft loss is limited to the excess of the loss over $100 (instead of $500). This is in addition, the IRS goes on to say, to the 10% of Adjusted Gross Income (AGI) limit that generally applies to the net loss.

Now that the last estimated tax payment for 2009 is in the books, it’s time to tackle 2010 payments.

The IRS has made a series of changes that could affect the estimated tax payments you make in 2010. In order to get you prepared, we are going to dedicate a series of blog posts to highlight those changes.

First up is the earned income credit (EIC). According to the IRS, you may be able to take the EIC if:

• Three or more children lived with you and you earned less than $43,352 ($48,362 if married filing jointly),
• Two children lived with you and you earned less than $40,363 ($45,373 if married filing jointly),
• One child lived with you and you earned less than $35,535 ($40,545 if married filing jointly), or
• A child did not live with you and you earned less than $13,460 ($18,470 if married filing jointly).

The IRS adds that the maximum Adjusted Gross Income (AGI) you can have in and still get the credit also has increased. You may be able to take the credit if your AGI is less than the amount in the above list that applies to you. The maximum investment income you can have and still get the credit is still $3,100.