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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.

http://mail.cchtaa.com/t/138601/455109/9443321/0/
http://www.journalofaccountancy.com/Web/20103669.htm
http://www.csmonitor.com/USA/Politics/2010/1217/House-passes-bipartisan-tax-cut-deal-first-of-Obama-administration
http://www.bloomberg.com/news/2010-12-17/house-votes-to-debate-obama-s-858-billion-tax-cut-deal-with-republicans.html

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