Oh boy! More new taxes and more new tax bills are on their way in 2010 just for you the American taxpayer.

Congress is struggling with what to do about the Federal Estate Tax, the Alternative Minimum Tax and the extension of expiring tax provisions.

Proposed tax legislation currently being considered by Congress is entitled the “American Jobs & Closing Tax Loopholes Act of 2010”.

Both the House of Representatives as well as the Senate have slightly differing versions of this proposed legislation. Common provisions include proposals to extend popular tax benefits for individuals including: itemized deduction for sales taxes, additional standard deduction for real property taxes, teacher’s $250 deduction for teaching supplies, qualified tuition deduction and the energy efficient home credit.

Business proposals extending certain business incentives include: the research and experimentation tax credit, the New Markets Tax Credit, 5 year depreciation life for farm equipment, and the 15-year straight-line cost recovery for qualified leasehold improvements and 22 other proposed business extenders.

The bill also would extend an array of charitable-giving provisions including Individual Retirement Account contributions directly to a charity, extension of favorable charitable treatment of the contribution of books, food and computer inventory items and charitable contribution of conservation easements.

The first-time homebuyer credit available for homebuyers who made a binding contract to purchase a home before the credit expired on April 30, 2010, is proposed to be extended from a closing of June 30 to September 30, 2010.

A major revenue raising proposal in the proposed legislation is to require shareholder-employees of a personal service S corporation to pay employment tax on their full share of allocated earnings whether paid as salary or dividend. The provision would apply to an S corporation engaged in a professional service business if 80 percent or more of its gross income is attributable to the service of three or fewer shareholders of the S corporation. A similar provision would subject personal service income to the self-employment tax even if channeled through a limited partnership or a limited liability company. Other revenue raising provisions propose to increase taxes on carried interests and certain foreign transactions.

It is also important to note what this most recent proposed legislation omits. It does not include fixing the Federal Estate Tax, “patching” the Alternative Minimum Tax, extending 50% bonus depreciation on new property acquisitions, nor a decision on whether dividend income will be taxed at up to 39.6% in 2011.

Stay tuned and fasten your seat belts. It is going to be a bumpy tax ride from now until the November elections.