A law signed by President Obama on November 21, 2011, creates new tax credits for hiring military veterans. A “Returning Heroes Tax Credit” of up to $5,600 per employee is available to employers who hire veterans who have been looking for work for more than six months. A credit of up to $2,400 applies for [...]
On November 21, 2011, President Obama signed the “Three Percent Withholding Repeal and Job Creation Act” into law. This new law repeals three percent withholding on certain payments to government contractors. The law, H.R. 674, was amended to include the “Vow to Hire Heroes Act” which provides tax credits to employers who hire unemployed veterans. [...]
Check into all the tax credits and deductions for which you might qualify this year. Because some of these tax breaks are reduced or eliminated entirely once your income reaches certain limits, you need to be aware of the income phase-out thresholds for those credits and deductions. While it doesn’t make sense to make less [...]
Are you familiar with income phase-out levels for those tax credits and deductions you hope to take advantage of on your 2011 tax return? While it doesn’t make sense to make less income just to qualify for a tax break, shifting income from one year to another may sometimes be a smart move. Learn about [...]
Would you like to shave $1,000 off your income tax bill? Would your spouse like to join in the tax savings of up to $2,000 on a joint return? This potential savings comes in the form of a tax credit called the “retirement savings contributions credit” or “saver’s credit.” Unlike a tax deduction, a tax [...]
Did you buy your current home between April and December of 2008 and claim the then-new federal tax credit for first-time homebuyers? If so, repayment of the credit begins this year, and the first installment is due with your 2010 tax return. You might already have received a letter from the IRS summarizing how much [...]