Bush tax cuts extended
The Bush tax cuts were extended for two more years, with some modifications. The new tax law includes the following.
* Provides a two-year AMT patch
* Provides a one year tax cut on Social Security taxes for individuals
* Increases the estate tax exemption from $3.5 million to $5 million
* Decreases the top estate tax rate from 45% to 35%
* Extends the deduction for school teacher expenses
* Extends the deduction for state and local general sales taxes
* Extends the deduction for qualified tuition and related expenses
* Reinstates the research and development credit
* Extends the credit for energy-efficient appliances
* And more!
Further details about the Tax Relief Act of 2010 is available at the following web sites.