1. Starting in 2010, individuals with any amount of modified adjusted gross income can switch a traditional IRA to a Roth IRA. Conversions are fully taxable at your regular tax rate, but for conversions in 2010, taxpayers can spread the tax due over two years. Half of the tax will be due in 2011, and the remaining half will be payable in 2012. Removing the limit on conversions effectively eliminates the income limit on contributions to Roth IRAs. A taxpayer with income too high to use a Roth will be able to contribute to a traditional IRA (which does not have income limits for contributions) and immediately convert to a Roth.

2. The opportunity for itemizers to choose to deduct their state sales tax payments instead of deducting their state and local income taxes ends in 2009, unless Congress specifically extends it.

3. In 2010, the domestic production activities deduction increases to nine percent of qualifying business net income. This deduction applies to businesses engaged in construction, engineering, or architectural services, film production, or the lease, rental or sale of equipment you manufactured.

4. The federal estate tax will be eliminated for estates of individuals who die in 2010.

5. The deduction for up to $4,000 of college tuition and fees expires after 2009, unless Congress specifically extends it.

6. Beginning in 2010, the opportunity for IRA owners age 70½ to directly donate part of their IRA balance to charity will disappear, unless Congress specifically extends it.

7. The maximum foreign earned income exclusion is increased to $91,500. This is a $100 increase from 2009.

8. Starting in 2010, non-itemizers will no longer be allowed to increase their standard deduction by up to $1,000 of property taxes paid, unless Congress extends this break.

9. The tax rate on capital gains from the sale of assets held longer than one year remains at 0% for people in the 10 percent or 15 percent tax brackets. The 15 percent maximum tax rate on long-term capital gains for taxpayers in higher brackets also remains the same. However, these rates are scheduled to increase in 2011.

10. The maximum amount of equipment placed into service that businesses can expense drops by nearly 50%, to $135,000 from $250,000 previously.

11. The special 5 percent maximum rate on dividends of taxpayers in the 10 percent and 15 percent tax brackets remains at zero percent through 2010.

12. For 2010, the alternative minimum tax (AMT) exemption levels drop to $45,000 for married filing jointly, $33,750 for singles and heads of household, and $22,500 for married couples filing separately. Congress, can, however, act in 2010 to extend the relief that was available in 2009.

13. For 2010, the first $2,400 of unemployment benefits you receive is no longer tax-free.

14. The 30 percent tax credit of the cost of energy-saving home improvements reverts to 10 percent after 2010, and is capped at $500.

15. Beginning in 2010, buyers of new vehicles no longer get a tax benefit for sales tax paid on those vehicles, unless they itemize and choose to deduct sales taxes instead of state income taxes.

The tax law is constantly in flux, so be sure you see a qualified financial services professional to take full advantage of the existing economic climate and the opportunities therein.

First, there is now an $8,000 tax credit for first-time home buyers for homes purchased between January 1, 2009, and December 1, 2009. This credit phases out for individuals earning more than $75,000 and couples earning more than $150,000.

There is also a refundable tax credit of $400 per person and $800 for couples in 2009 and 2010. It is calculated at a rate of 6.2 percent of income and again phases out for individuals whose adjusted income is greater than $75,000 and for couples whose adjusted income is greater than $150,000.

A one-time payment of $250 is further provided to Social Security beneficiaries, railroad retirees, and veterans receiving benefits from the Department of Veterans Affairs. State government retirees who are not eligible for Social Security will also receive this payment.

The earned income tax credit for low-income workers who have three or more children, and a greater amount of said workers are eligible for the refundable child tax credit. The income floor is $3,000 for 2009 and 2010, a sharp drop from the previous $8,500 floor.

A $2,500 credit for college education expenses is also in the bill, which is phased out for individuals earning more than $80,000 and couples earning more than $160,000.

As for businesses, there are many new provisions designed to reduce economic and tax pressure, including equipment write-offs, deferral on repurchased debt, and tax breaks on capital gains from stock sales.

The impact of this stimulus package is unique for each individual or business entity, and it is always prudent to seek the advice of qualified financial and tax professionals in order to maximize your benefits.