This document summarizes key provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. It discusses how the Act extends existing federal income tax rates, capital gains rates, and the AMT exemption through 2012. It also increases the estate tax exemption to $5 million per person and lowers the top estate tax rate to 35% for 2011-2012. Additionally, it provides a one-year 2% reduction to the Social Security payroll tax for 2011.
This is a short description of how all the tax changes in 2010 impact your 2011 tax year. This was drafted presented on January 27, 2010, so additional changes might have occurred to impact the posted information. Check with your attorney or CPA to confirm this information.
At this time last year, income tax planning was particularly challenging. Several tax deductions had already expired, and significant changes, including new, higher income tax rates, were scheduled to take effect at the end of the year. Legislation passed in mid-December, however, hit the "reset" button, reinstituting already-expired deductions, and extending major tax provisions--including lower rates--for an additional one to two years.
Highlights of the Final Tax Cuts and Jobs ActSarah Cuddy
The combined tax reform bill includes plans to lower tax rates on individuals and businesses and change many deductions. Those hoping for tax simplification, however, may be disappointed.
This is a short description of how all the tax changes in 2010 impact your 2011 tax year. This was drafted presented on January 27, 2010, so additional changes might have occurred to impact the posted information. Check with your attorney or CPA to confirm this information.
At this time last year, income tax planning was particularly challenging. Several tax deductions had already expired, and significant changes, including new, higher income tax rates, were scheduled to take effect at the end of the year. Legislation passed in mid-December, however, hit the "reset" button, reinstituting already-expired deductions, and extending major tax provisions--including lower rates--for an additional one to two years.
Highlights of the Final Tax Cuts and Jobs ActSarah Cuddy
The combined tax reform bill includes plans to lower tax rates on individuals and businesses and change many deductions. Those hoping for tax simplification, however, may be disappointed.
In Issue 11 of The OHL Wire, we look at what will change on 1 July 2015 and how does divorce affect your tax and super fund. We also look at everything you need to know about taxation and deceased estates in Australia. We discuss the rules and requirements for buying property through a self-managed super fund (SMSF) in NSW. We check out upcoming events in Sydney and provide you a few ideas on how to spend your tax refund as the tax year is coming to an end.
Agenda: Tax Updates for Individuals; Tax Update for Businesses; Fiscall Cliff; Disposition of Assets or Business Interests; Depreciation; Basis Issues; Business Income and Deductions; Estate Planning; Other Cases and Rulings.
Check this out! My friends at Greener Accounting and Tax Services put this presentation together to show some of the changes that will be made with two health care legislations passed this term. Very informative and somewhat disturbing.
EY - US Employment Tax Year in Review (November 2013)EY
The presentation covers:
- FICA on severance
- Fiscal cliff legislation – impacts for 2013 and beyond
- The additional Medicare tax began this year
- Reporting change in responsible party to the IRS
- 2010 HIRE Act – IRS notices and refund deadline
- Same-sex partner benefits in wake of Supreme Court ruling
- Affordable Care Act – what to know about 2014
- Unemployment insurance – new laws mean a new approach
- States go retro in 2013
- Pay card controversy – seven things employers should do
HR Webinar: The New Consolidated Appropriations Act of 2021: What HR Pros Mus...Ascentis
On December 27, 2020, the President signed H.R. 133, the "Consolidated Appropriations Act of 2021". This omnibus law includes the much anticipated and long-awaited COVID Relief Bill, with many of the new provisions taking effect immediately. Weighing in at a "mere" 5,593 pages, the new law renews or extends most of the tax relief programs available to employers under both the FFCRA and the CARES Act. The renewed Paycheck Protection Program, funded with $284.45 billion in new federal spending, is expected to see new lending the week of January 11, 2021, with a number of changes in response to prior program criticisms. Join us at this webinar to review the many provisions of CAA'21 which will impact Human Capital Management.
Attached is an excellent, easy to read newsletter summarizing the important changes, legislative extensions, and issues relating to your individual tax return for 2009 and beyond. Please read it well before 12/31 as there are items that need to be considered or acted upon before the end of this year to take full advantage of the legislation. It’s the best one I’ve come across. Its current and includes some commentary, planning suggestions, and even some health care issues as they relate to your taxes.
I will later post a copy of year end letters for both businesses and individuals that my clients receive.
If you should have any questions at this time on any of these items, please contact me anytime.
Thanks
Wally Wleklinski
Detailed information on the 2010 tax relief act including the benefits for individuals and businesses - provided by Carmel CPA Firm - Hayashi & Wayland.
In Issue 11 of The OHL Wire, we look at what will change on 1 July 2015 and how does divorce affect your tax and super fund. We also look at everything you need to know about taxation and deceased estates in Australia. We discuss the rules and requirements for buying property through a self-managed super fund (SMSF) in NSW. We check out upcoming events in Sydney and provide you a few ideas on how to spend your tax refund as the tax year is coming to an end.
Agenda: Tax Updates for Individuals; Tax Update for Businesses; Fiscall Cliff; Disposition of Assets or Business Interests; Depreciation; Basis Issues; Business Income and Deductions; Estate Planning; Other Cases and Rulings.
Check this out! My friends at Greener Accounting and Tax Services put this presentation together to show some of the changes that will be made with two health care legislations passed this term. Very informative and somewhat disturbing.
EY - US Employment Tax Year in Review (November 2013)EY
The presentation covers:
- FICA on severance
- Fiscal cliff legislation – impacts for 2013 and beyond
- The additional Medicare tax began this year
- Reporting change in responsible party to the IRS
- 2010 HIRE Act – IRS notices and refund deadline
- Same-sex partner benefits in wake of Supreme Court ruling
- Affordable Care Act – what to know about 2014
- Unemployment insurance – new laws mean a new approach
- States go retro in 2013
- Pay card controversy – seven things employers should do
HR Webinar: The New Consolidated Appropriations Act of 2021: What HR Pros Mus...Ascentis
On December 27, 2020, the President signed H.R. 133, the "Consolidated Appropriations Act of 2021". This omnibus law includes the much anticipated and long-awaited COVID Relief Bill, with many of the new provisions taking effect immediately. Weighing in at a "mere" 5,593 pages, the new law renews or extends most of the tax relief programs available to employers under both the FFCRA and the CARES Act. The renewed Paycheck Protection Program, funded with $284.45 billion in new federal spending, is expected to see new lending the week of January 11, 2021, with a number of changes in response to prior program criticisms. Join us at this webinar to review the many provisions of CAA'21 which will impact Human Capital Management.
Attached is an excellent, easy to read newsletter summarizing the important changes, legislative extensions, and issues relating to your individual tax return for 2009 and beyond. Please read it well before 12/31 as there are items that need to be considered or acted upon before the end of this year to take full advantage of the legislation. It’s the best one I’ve come across. Its current and includes some commentary, planning suggestions, and even some health care issues as they relate to your taxes.
I will later post a copy of year end letters for both businesses and individuals that my clients receive.
If you should have any questions at this time on any of these items, please contact me anytime.
Thanks
Wally Wleklinski
Detailed information on the 2010 tax relief act including the benefits for individuals and businesses - provided by Carmel CPA Firm - Hayashi & Wayland.
Estate Planning Under the 2010 Tax Relief ActLewis Rice
On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Authorization & Job Creation Act of 2010 (the “2010 Tax Relief Act”) into law. The 2010 Tax Relief Act provides temporary estate and gift tax guidance for the next two years. It increases the estate, gift and generation-skipping tax exemption amounts to $5 million and reduces the estate tax rate to 35%.
What Changes to Expect from the new Healthcare Law, presented by The National Federation of Independent Business, the leading small business association.
Regulation us tax - aicpa 2019-convertedmadhuri199
To learn more about the following career choices, you will visit our USA, CMA USA, CFA etc. controller centers. In the metropolis, Bangalore, Delhi, Gurgaon, Hyderabad or visit www.simandhareducation.com
As a continuation of my last article, “tax the Rich…Tax the Rich…Tax the Rich…,” I asked Brian Seifert, CPA to fill in some additional tax changes that would affect our clients as we approach the year end and look forward to 2010. Brian is a new Aegis Council member who is helping our clients prepare for the onslaught of new taxes by identifying tax planning opportunities, assist the clients taking advantage of their planning opportunities then preparing the tax returns as part of the Aegis Council Tax Planning Package. Every Aegis Council member has undergone a thorough background check and peer reviews to insure only the best and brightest professionals are provided to our clients.
Your Taxes 2013 - What will change (and what won't)csawaf
Several tax hikes, some tax breaks. Now that the fiscal cliff deal assembled in Congress is becoming law, it is time to look at some of the tax law changes that will result.
January 2021 Tax Tips Newsletter
Harman CPA PDF Of Jan 2021 Newsletter Content
JANUARY 2021 NEWSLETTER CONTENT WHICH
APPEARED ON OUR WEBSITE
John Harman, CPA PLLC
1402 S. Custer Rd, S-102
McKinney, TX 75070
info@mckinneytax.com
Phone: (469) 742-0283
https://www.mckinneytax.com/
YouTube videos here: https://www.youtube.com/user/mckinneytax
John Harman, CPA PLLC, January 2021 Tax Tips Newsletter, mckinneytax, JANUARY 2021 NEWSLETTER
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
1. Ameriprise Financial
Henry C. Liao, CRPC®
Financial Advisor
5 Sylvan Way
Suite 100
Parsippany, NJ 07054
973-349-3040
Henry.C.Liao@ampf.com
www.ameripriseadvisors.com/henry.c.liao/
The Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of
2010
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, signed into law on December 17, 2010, is
the end result of President Obama's compromise with the GOP to extend the "Bush tax cuts" set to expire at year-end. In addition to
providing a 13-month extension of benefits for the long-term unemployed and extending expiring provisions, the Act includes several
new tax provisions. Here's what you need to know:
Tax rates
The Act extends existing federal income tax rates for two additional years. As in 2010, the federal tax bracket rates for 2011 and 2012
will be 10%, 15%, 25%, 28%, 33%, and 35%. (Without this legislation, federal income tax rates would have increased beginning in
2011--the current 10% federal income tax bracket would have disappeared, and the five remaining tax brackets would have been 15%,
28%, 31%, 36%, and 39.6%.)
Existing tax rates for long-term capital gains and qualifying dividends are also extended through 2012. As a result, long-term capital
gains and qualifying dividends will continue to be taxed at a maximum rate of 15%. If you're in the 10% or 15% marginal income tax
brackets, a special 0% rate will generally continue to apply.
Alternative minimum tax (AMT)
The alternative minimum tax (AMT) is essentially a parallel federal income tax system, with its own rates and rules. To prevent a
dramatic increase in the number of individuals subject to AMT, the Act retroactively increases AMT exemption amounts for 2010, and
extends the increased exemption amounts to 2011. Nonrefundable personal income tax credits will also continue to be allowed to
offset AMT liability in 2010 and 2011.
AMT exemption amounts 2010 2011
Married filing jointly $72,450 $74,450
Single or head of household $47,450 $48,450
Married filing separately $36,225 $37,225
Estate tax
The Act makes major, though temporary, changes to the federal estate tax. For 2011 and 2012, the estate tax exemption amount (the
applicable exclusion amount, renamed the basic exclusion amount) will be $5 million per person (the $5 million will be indexed for
inflation in 2012); the top transfer tax rate for these years will be 35%. The $5 million exemption amount and 35% top estate tax rate
will apply retroactively to 2010 as well, but for individuals who died in 2010, an election can be made to choose the estate tax
provisions effective prior to this legislation (i.e., no estate tax applies, but special modified carryover basis rules apply); an extended
due date is provided for individuals who died on or after January 1, 2010, and before December 17, 2010. For 2011 and 2012, when
one spouse dies, any unused portion of that spouse's estate tax exemption amount may be transferred to the surviving spouse.
One-year reduction in Social Security payroll tax
If you're an employee, 6.2% of your covered wages up to the taxable wage base ($106,800 in 2011) is generally withheld for your
portion of the Social Security retirement component of FICA employment tax. If you're a self-employed individual, you pay 12.4% for
the Social Security portion of your self-employment tax. The Act implements a one-year 2% reduction in this tax. That means for 2011,
you'll pay the tax at a rate of 4.2% if you're an employee, and 10.4% if you're self-employed.
Depreciation and IRC Section 179 expensing
If you're a business owner or self-employed individual, you may know that an additional 50% depreciation deduction has been
available for qualifying property placed in service during 2010. The Act increases the bonus depreciation percentage allowed to 100%
February 07, 2011
See disclaimer on final page
2. for property acquired and placed in service after September 8, 2010, and before January 1, 2012. The Act also extends bonus
depreciation at the 50% level through 2012 (the 50% bonus depreciation will apply for property placed in service after December 31,
2011, and before January 1, 2013).
For tax years 2010 and 2011, the Small Business Jobs Act increased the maximum amount that could be expensed under IRC
Section 179 to $500,000 and increased the phaseout threshold amount to $2 million. For 2012, the dollar limit amount and
phaseout threshold level were scheduled to drop to $25,000 and $200,000, respectively. This Act sets the IRC Section 179
expense limit for 2012 at its 2007 level--$125,000, with a phaseout threshold of $500,000--indexed for inflation.
Education provisions
• The Act extends the American Opportunity tax credit (known as the Hope tax credit before being significantly--though
temporarily--modified by the American Recovery and Reinvestment Act of 2009). The American Opportunity tax credit's higher
maximum credit amount, increased income limits, expanded applicability to the first four years of college, and potential
refundability, available in 2009 and 2010, are extended through 2012.
• The current rules that apply to Coverdell education savings accounts (e.g., $2,000 annual contribution limit, education
expenses expanded to include elementary and secondary school expenses) are also extended through 2012. Without this
change, the annual contribution limit would have dropped to $500 beginning January 1, 2011.
• For the student loan interest deduction, increased income limits and the suspension of the 60-month rule, which would have
expired at the end of 2010, are extended for two years (the deduction was, prior to 2001, limited to interest paid in the first 60
months of repayment).
• The deduction for qualified higher education expenses, which expired at the end of 2009, is retroactively reinstated for 2010,
and extended through 2011.
Other changes
The Act prevents itemized deductions and personal and dependency exemptions from being reduced for higher income
individuals for two additional years (2011 and 2012). The Act also extends "marriage penalty" relief, in the form of an expanded
15% tax bracket and an increased standard deduction amount for married individuals filing jointly, through 2012.
Provisions extended through 2011 include: the $250 above-the-line deduction for elementary school and secondary school
teacher classroom expenses; tax-free IRA distributions to charitable organizations by individuals age 70½ or older; and the
deductibility of mortgage insurance premiums. Provisions extended through 2012 include: rules relating to the earned income
credit; the child tax credit; the credit for child and dependent care expenses; and the adoption tax credit and exclusion amount for
employer-paid adoption assistance.
The information contained in this material is being provided for general education purposes and with the understanding that it is not intended to be
used or interpreted as specific legal, tax or investment advice. It does not address or account for your individual investor circumstances. Investment
decisions should always be made based on your specific financial needs and objectives, goals, time horizon and risk tolerance.
The information contained in this communication, including attachments, may be provided to support the marketing of a particular product or service.
You cannot rely on this to avoid tax penalties that may be imposed under the Internal Revenue Code. Consult your tax advisor or attorney regarding
tax issues specific to your circumstances.
Neither Ameriprise Financial Services, Inc. nor any of its employees or representatives are authorized to give legal or tax advice. You are encouraged
to seek the guidance of your own personal legal or tax counsel. Ameriprise Financial Services, Inc. Member FINRA and SIPC.
The information in this document is provided by a third party and has been obtained from sources believed to be reliable, but accuracy and
completeness cannot be guaranteed by Ameriprise Financial Services, Inc. While the publisher has been diligent in attempting to provide accurate
information, the accuracy of the information cannot be guaranteed. Laws and regulations change frequently, and are subject to differing legal
interpretations. Accordingly, neither the publisher nor any of its licensees or their distributees shall be liable for any loss or damage caused, or alleged
to have been caused, by the use or reliance upon this service.
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Prepared by Forefield Inc. Copyright 2011