Obama Wants to Change How All Businesses Are Taxed?

According to Bloomberg News, Geithner Says Tax Overhaul Must Address Businesses Filing as Individuals. It is not clear from the article exactly what this means. It could mean that the administration wants to impose the same type of taxes on all businesses, whether they are incorporated or not. Or it could be something less sinister. But, in either event, it does look like tax changes will be proposed by the administration to all business taxes, whether they are earned by C corporations or pass-through entities. We'll continue to monitor the situation to find out exactly what the administration has in mind.

Highlights of New Items on 2010 Form 1040

Politicians say they want to simplify the tax laws; yet they continue to make the law more complicated. This year is no different. The 2010 Form 1040 reflects a number of new tax breaks. Some are straightforward. Others are complex. Some present choices. But they all provide an opportunity to save money.

Here is a list of the key changes for this filing season:

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