Posts Tagged ‘child care credit’
Tax Relief Act of 2010: Personal Income Tax Exclusions and Credits
July 4th, 2011 | 
Author: In response to former President Bush’s tax cuts, the Republicans and Democrats agreed upon the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Public Law 111-312. Signed into law on December 17, 2010, the Tax Relief Act of 2010 affects personal income taxes, business income taxes, and estate/gift taxes.
Charitable IRA Distribution
It has been extended to 2010 and 2011 that a taxpayer can make an IRA distribution of no more than $100,000 to a charitable organization without including such amount in reportable income. The taxpayer must be 70.5 years old or older. This distribution will count towards the taxpayer’s required minimum distribution.
Tax Relief Act of 2010: Business Income Tax Credits
In response to former President Bush’s tax cuts, the Republicans and Democrats agreed upon the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Public Law 111-312. Signed into law on December 17, 2010, the Tax Relief Act of 2010 affects personal income taxes, business income taxes, and estate/gift taxes.
New Markets Tax Credit
This credit has been extended to 2010 and 2011, allowing taxpayers a credit for investments in qualified community development entities. The credit is 5% of the investment for the first 3 years, and 6% of the investment for the subsequent four years. This credit is subject to a national limitation amount of $3.5 billion for 2010 and 2011. Unused amounts may be carried forward until 2016.
Posted in Taxation | 
Tags: business income tax, child care credit, tax credit, tax relief act of 2010, taxpayers, work opportunity credit | 
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