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Congress Passes Two-Year Extension of Bush-Era Tax Cuts, Payroll Tax Relief, & Estate Tax Compromise
 By a vote of 277-148, the House of Representatives passed the Senate-approved Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act), thus clearing it for the President's signature. The 2010 Tax Relief Act extends for two years the Bush-era tax cuts, provides significant estate tax relief, and includes a two-year AMT "patch." It also contains important new tax breaks for businesses and individuals, including 100% first-year writeoffs 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 a host of extenders for businesses and individuals.
Click here to continue reading about the following highlights:
- Reduced Individual Tax Rates
- Reduced Capital Gains/Dividend Tax Rates
- $1,000 Child Tax Credit
- AOTC And Other Education Incentives
- Two-Year AMT Patch
- Payroll Tax Cut
- 100 Percent Bonus Depreciation
- Business Extenders
- Energy Incentives
- Estate Tax Relief
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Gary L. Breneman, CPA/PFS Corey D. Breneman, CPA/PFS Breneman & Company, PC 14382 Woodlake Drive Chesterfield, MO 63017 (314) 469-7007 |
