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Few tax changes in 2010

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Clients who are used to upping their retirement plan contributions each year are in for a surprise. Thanks to low inflation, pension plan limitations are staying put for 2010, the IRS announced recently.

High-net-worth clients have a reason for cheer. According to the Wall Street Journal, “The lack of change for 2010 creates a level playing field for taxpayers from all brackets, but those with high incomes actually stand to benefit in 2010 because ‘stealth taxes,’ those that don’t involve changing tax rates, are being phased out. Among them are limits on itemized deductions and personal exemption amounts.”