The headline from a recent Wall Street Journal reads, "The New Year Brings Tax Chaos... At least 2010 is a good year to die." How's that for a chipper outlook for the New Year! Kind of makes you feel all warm and fuzzy, doesn't it?

Of particular concern, 25 million Americans are directly in the path of Hurricane AMT - the alternative minimum tax originally designed to ensure the 100 richest Americans paid their fair share to the government. Unless Congress adjusts AMT for inflation, some families with an income as low as $75,000 can feel like the Rockefellers for one very unhappy tax payment.

Adding to the gloomy news, Congress has not renewed several popular tax breaks. All together now, let's:

1. Wave goodbye to the new homebuyer tax credit
2. Bid adieu to the tax deduction for state and local taxes
3. Kiss the federal tax deduction for college tuition and fees goodbye, and
4. Say auf wiedersehen to the 50% write-off for small businesses capital purchases

And speaking of saying farewell, the estate tax dropped to zero on January 1. For a limited time (until Congress raises the rate), those among us buying a pine condo will leave their heirs with no tax obligation regardless of the size of their estate. We recognize that this may lead to awkward conversation at family BBQs.

(P.S. Watch for chicken bones!)