Will You Get a Cash Rebate?
As part of the economic plan to stimulate the economy, the government will be sending rebate checks to most taxpayers. As with most tax issues, it is not simple and, in fact, somewhat complicated. There are many factors to consider, such as who qualifies for the rebate, how is it calculated, what does a taxpayer need to do, if anything, to get the rebate, and how does the rebate affect a taxpayer’s return for 2008.
- New Breaks for Small Businesses
- The 2010 Small Business Jobs Act, enacted September 27, 2010, and the Tax Reform Act of 2010, signed into law December 17, 2010, include an assortment of incentives and tax breaks for small businesses. The following is a brief overview of some of the...
- Big Break for Adoptive Parents
- As part of the Health Care Legislation passed earlier this year, the credit for expenses of adopting a child was increased and made refundable. Prior to this change, the credit was non-refundable and could only be used to reduce the adoptive parent’s tax to zero, with any unused portion of the credit carried over for up to five years and used against future years’ tax.
- How Will the Health Care Bill Affect Your Taxes?
- On March 23, 2010, President Obama signed into law the new health care legislation. The legislation will affect virtually every individual in one way or another and will significantly impact tax returns in the future. The following overview of the tax-related provisions of the legislation is based upon the House of Representatives’ version and the one signed by President Obama on March 24, 2010. The provisions take effect over a number of years (2018).