The deduction for state and local sales taxes in lieu of the state and local income tax deduction was extended through tax year 2011.  If the sales taxes you pay on products you buy exceed your state and local income taxes, you may benefit from this.

There is no longer a phaseout of personal exemptions.  Before 2010, taxpayers with income over certain amounts were subject to phaseout of their personal exemptions. However, under the 2010 Tax Relief Act, personal exemptions are not reduced. This will last through 2012.

The 2010 Tax Relief Act extends the $1,000 child tax credit for two years, through December 31, 2012.

The enhanced dependent care credit is available through 2012. For 2010, the maximum dependent care credit is $1,050 for one qualifying individual and $2,100 for more than one qualifying individual.

The new law extends the American Opportunity Tax Credit. A maximum credit of $2,500 a year may be claimed for each eligible student attending his or her first four years of college. You need to pay tuition and fees of $4,000 or more to get the maximum credit for your dependent student. To qualify for the credit, your student must be attending an accredited college or university at least half time.  

Taxpayers will also continue to benefit from the $2,500 student loan interest deduction through 2012.

The 2010 Tax Relief extends through 2011 the credit for expenses for qualified energy efficiency improvements and property, such as furnaces, water heaters, insulation materials, exterior windows, skylights, doors, and other items. However, the law limits the deduction to a lifetime maximum credit of $500 and only $200 for windows.  Therefore, this credit is unlikely to benefit you if you took advantage of the credit in the past.