The recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” includes a two-year extension of the American Opportunity tax credit for college costs. Added to the tax code in 2009 as a temporary replacement of the previous Hope tax credit, the American Opportunity credit both increased the tax relief available for students from middle-income families and extended relief for the first time to students from lower-income families.  Read more.

If you would like more details about these provisions or any other aspect of the new law, please do not hesitate to contact your Keiter Stephens engagement partner.

The recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” extends partial relief to individual taxpayers from the alternative minimum tax, or AMT. Earlier temporary measures to deal with the unintended creep of the AMT’s reach expired at the end of 2009, meaning that more than 20 million additional taxpayers would have faced paying the tax on their 2010 returns without the new relief. Read more.

If you would like more details about these provisions or any other aspect of the new law, please do not hesitate to contact your Keiter Stephens engagement partner.

The recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” made several important changes to the child tax credit, which is an up-to-$1,000 credit (i.e., dollar-for-dollar reduction in tax) for each qualifying child under the age of 17 that taxpayers with incomes below certain levels can take against their federal tax liability. Read more.

If you would like more details about these provisions or any other aspect of the new law, please do not hesitate to contact your Keiter Stephens engagement partner.