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On December 17, the President signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job
Creation Act of 2010. The 2010 Tax Relief Act extends for two years the Bush-era tax cuts,
retains for two years favorable tax rates for long-term capital gains and qualified dividends, provides
significant estate and gift tax relief, and includes a two-year AMT "patch." It also contains new tax
breaks, including 100% first-year write-offs of qualifying property placed in service after Sept. 8, 2010 and
before Jan. 1, 2012, and a payroll/self-employment tax cut of two percentage points for 2011 for employees and
self-employed individuals. Plus it extends a host of expired and expiring tax breaks for businesses and individuals
as well as a number of key disaster relief provisions.
If you would like more details about any aspect of the new legislation, please do not hesitate
to contact us.
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