The 2010 Tax Relief Act

There’s some important information YOU should know about The 2010 Tax Relief Act! We’ve highlighted some points below. Please note some of the changes are only temporary. Contact your local tax expert for more information that could save you money! -Up to two million Americans unable to find work (but still actively seeking it) will see an extension in the duration of their unemployment benefits. -Social Security tax rates will be reduced by two percentage points for employees, but the employer portion will remain the same at 6.2%. This rate reduction is only temporary. -Freelancers, farmers and other self-employed persons will see a temporary reduction in their self employment tax. -The American Opportunity Credit was extended through the end of 2012. This credit provides a refundable tax credit up to $2,500 based on expenses for the first four-years of undergraduate education. -The enhanced Child Tax Credit is extended through the end of 2012, which provides up to $1,000 in partially refunable tax credits for children under 17. It was previous $500. -Deduction for Student Loan Interest is extended for two more years. -The Classroom Expense Deduction for teachers is extended for two years. Contact your local tax expert for more information!

Advertisement