President Obama on January 22 signed legislation that allows U.S. taxpayers making charitable contributions to Haiti relief programs before March 1, 2010

Beginning on 2009 returns, Alabama allows an enhanced deduction for small business health insurance premiums.  The deduction is allowed for qualifying employers (those with less than 25 employees) and their qualified employees.  Qualified employees are defined as an employee who earns no more than $50,000 of wages and reports no more than $75,000 ($150,000 for married filing a joint return) of Alabama adjusted gross income.

Between now and the end of the year, we will introduce several tax planning considerations for this year and next. We begin this series with a look at Roth IRA conversions, which are available to a greater number of taxpayers in 2010. Not only are more taxpayers eligible for Roth IRA conversions, but 2010 conversions are eligible for a deferral of the resulting income tax liability.