Tax Relief Act of 2010: How It Helps American Taxpayers

Tax Relief Act of 2010: Can It Help You?

tax relief helpTimes are incredibly tough for Americans. Unemployment is still remarkably high, and families are losing their homes. In response to this, the government has tried many things to build economic growth and give citizens some assistance. The "Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010" is one of those attempts. This page will discuss the tax relief portion of this act.

Tax Relief for Families

Part of what the Tax Relief Act of 2010 did was extend the higher refund threshold of $3,000 for the Child Tax Credit. It has also extended some tax relief with the Earned Income Tax Credit. The marriage penalty has been reduced for married working families. Also, through 2012, you can claim three or more qualifying children for a maximum credit of $5,666. If there is a college student in your family, the new American Opportunity Tax Credit could provide great tax relief. It is worth up to $2,500 per student.

Tax Relief for Businesses

The Tax Relief Act of 2010 has cut down employee payroll taxes to 4.2%. This may even be cut down further, with another Act being reviewed in Congress. The IRS is also allowing 100 percent expensing temporarily for certain 2011 investments.

Tax Relief for Individuals

The Tax Relief Act of 2010 prevented personal tax rates from reverting to the point they were at before 2001. So, instead of being taxed 15% to 39.6%, individuals are presently only being taxed 10% to 35%. A raise in capital gains tax rates was also prevented by the Tax Relief Act of 2010. Currently, the rates are 0% and 15%. Otherwise, they would have risen to 10% and 20%. Exemptions for the Alternative Minimum Tax have been increased for 2010 and 2011.

Even with the many ways this act has provided tax relief to taxpayers, it is still all too easy to wind up with a steep tax debt. Many Americans have to make early withdrawals from 401Ks or foreclose on property to get by. This can cause a great deal of tax problems. If you need tax relief from a tax debt, you will need help from a tax debt professional.

Do you need tax relief? Consult a professional. Call now or fill out the form below for a free tax debt consultation to learn more about what tax relief is out there for you! We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.

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