December 21, 2010
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Extension of expanded child tax credit in the 2010 Tax Relief Act
The recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” will make several important changes to the child tax credit, which is an up-to-$1,000 credit (i.e., dollar-for-dollar reduction in tax) for each qualifying child under the age of 17 that taxpayers with incomes below certain levels can take against their federal […]
Read more- December 21, 2010
- Andrew Presti
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Payroll tax cut in the 2010 Tax Relief Act
The biggest new tax break for individuals in the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” is the one-year payroll tax reduction. Under this new provision, which is intended to supplement income and boost economic growth, the payroll tax—which funds Social Security—will be cut by two percentage points during […]
Read more- December 21, 2010
- Andrew Presti
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Expensing and additional first-year depreciation in the 2010 Tax Relief Act
The recently enacted 2010 Tax Relief Act includes a wide-ranging assortment of tax changes affecting both individuals and business. On the business side, two of the most significant changes provide incentives for businesses to invest in machinery and equipment by allowing for faster cost recovery of business property. Here are the details. Expansion and extension […]
Read more- December 21, 2010
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Extension of Bush tax cuts in the 2010 Tax Relief Act
The heart of the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” is a two-year extension of the Bush tax cuts. But what, exactly, are the Bush tax cuts? Here’s a primer: Bush tax-cut legislation. The Bush tax cuts refer primarily to tax changes in two major pieces of legislation […]
Read more- December 21, 2010
- Andrew Presti
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Individual and business extenders in the 2010 Tax Relief Act
In addition to extending the Bush tax cuts, providing relief from the AMT, and cutting the payroll tax by two percentage points, the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (Tax Relief Act) extends a host of other important tax breaks for businesses and individuals. Individual tax relief. The […]
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