Tax return for 2010 wasn’t expected to be difficult because of minor changes in tax laws. Even though these changes bring difficulties, still taxpayer can use this as guide while doing the preparation of their returns.

There are things that are taken for granted in past years and still not changing. The things that aren’t changed was, 0% long term capital gains tax in 15% tax bracket and 15% long term capital gains rates for all different brackets.

Here are the 5 important things to remember or can caught your attention:

•    IRA’s and seniors – For Seniors, January 31, 2011 was the deadline for transferring their IRA’s directly to charities excluding payment of taxes while doing the transfer.

•    Health Insurance for Self Employed – Owners of small businesses doesn’t need to pay for 15.3% self employment (SE) tax to insurance for health care. They weren’t able to deduct this insurance on Schedule C form instead this is treated on Form 1040 as adjustment to income. However, an expense on insurance doesn’t affect the profits of a business that’s why taxpayers will still end up on paying their SE tax. By this year, the line three of Schedule SE was lowered the health insurance cost for business owner as well as their family. For those individual who’s paying $8,000 per year for family premiums, the saving’s was approximate to $1,100.

•    For Adoptions – The amount of adoption benefit was quite generous and it can be X2 or double up to $13,170. It is more than $1,000 for the previous year. The reason behind this are: First, this credit was refundable, even though there's no payment to your taxes last year. Second, employers can pay $13,170 for your adoption expenses without deduction to your salary. It means your employer can help you double your benefits. But, the IRS is not ready to release the new Form 8839 yet. Maybe, by mid-February all forms are ready.

•    State taxes versus Sales taxes – While itemizing your returns, you may notice that your returns became taxable income. Use sales tax deductions rather than state income tax deductions because you don’t need to pay for your state income tax refund. Why? Because you never claim deductions from your state income taxes.