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Overview of the tax provisions in the 2010 Tax Relief Act

 

Welcome to my fully revised and updated weekly newsletter!

The recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” is a sweeping tax package that includes, among many other items, an extension of the Bush-era tax cuts for two years, estate tax relief, a two-year “patch” of the alternative minimum tax (AMT), a two-percentage-point cut in employee-paid payroll taxes and in self-employment tax for 2011, new incentives to invest in machinery and equipment, and a host of retroactively resuscitated and extended tax breaks for individuals and businesses.Here’s a look at the key elements of the package:

  • The current, favorable income tax rates will be retained for two years (2011 and 2012), with a top tax of 35% on ordinary income and 15% on qualified dividends and long-term capital gains.
  • Employees and self-employed workers get a reduction of two percentage points in Social Security tax in 2011, bringing the rate down from 6.2% to 4.2% for employees, and from 12.4% to 10.4% for the self-employed.
  • A two-year AMT “patch” for 2010 and 2011 provides a modest increase in AMT exemption amounts and allows personal nonrefundable credits to offset AMT as well as regular tax.
  • Key tax credits for working families that were enacted or expanded in the American Recovery and Reinvestment Act of 2009 are retained. For example, the new law extends for two years (a) the $1,000 child tax credit (and maintains its expanded refundability), and (b) the American Opportunity tax credit for higher education, and its partial refundability.
  • Two crackdowns on deductions for higher-income people have been deferred. For 2011 and 2012, higher-income individuals will not face a reduction in their itemized deductions or a phaseout of personal exemptions.
  • Businesses can write off 100% of their new equipment and machinery purchases in the placed-in-service year, effective for property placed in service after September 8, 2010 and through December 31, 2011. For property placed in service in 2012, the new law provides for 50% additional first-year depreciation.
  • Many of the popular tax breaks that went off the books at the end of 2009 have been retroactively reinstated for 2010 and extended through the end of 2011. Among many others, the retroactively reinstated and extended individual and business provisions include the election to take an itemized deduction for state and local general sales taxes instead of the itemized deduction for state and local income taxes; the $250 above-the-line deduction for certain expenses of elementary and secondary school teachers; and the research credit. The credit for making energy-saving improvements for a home has been extended for one year, through 2011, but much tougher rules apply after 2010.
  • After a one-year hiatus, the estate tax will be reinstated for 2011 and 2012, with a top rate of 35% and a step-up in basis. The exemption amount will be $5 million per individual in 2011 and will be indexed to inflation in following years. Estates of people who died in 2010 can choose to follow either 2010’s or 2011’s rules.

I hope this information is helpful. If you would like more details about these provisions or any other aspect of the new law, please do not hesitate to call.

We Welcome Referrals:


Did you know we can help you or any of your friends, family or acquaintances save time and money with their financial records? Not only is it nice for us to receive your referrals, we LOVE to reward our clients for referrals…! 

Just so you know, we have a policy that if an existing client refers two or more new clients, we will reduce your fee by 10% and then progressively higher. Although some existing clients do not want a reduction, we still make it available.

 

At SK Financial CPA, we believe in the value of relationships. We view every client relationship like a partnership, and truly believe that our success is a result of your success.

Our mission is to provide accounting and tax services that go beyond the scope of traditional services offered by most other practitioners.


Sincerely,

 

Shams Khan CPA, CFP
SK Financial CPA


 Easy, Affordable Payroll for 2011


Sign up now so you’ll never have to worry about payroll taxes in the New Year.

Our Online Payroll offers an easy-to-use and affordable online payroll solution fully integrated with QuickBooks that takes care of all your federal, state and local payroll taxes automatically.

Click here to see a brief demo of our payroll services.

No more IRS penalties!

· Did you know that each year, 1 out of 3 small businesses pays a penalty to the IRS?
· With our payroll service, you’ll never miss a tax deadline or pay the wrong amount.
Accurate payroll you can count on

· We complete your federal and state payroll filings for you, including 941/944 quarterly forms, year-end 940 forms, and W-2’s.
· All of your payroll information will be maintained and available: employee records, past pay stubs, tax filings, and records of tax payments.

 

You and your employees will be pleased

· Paychecks can be electronically deposited into employee bank accounts with our Direct Deposit service. Your employees will appreciate Direct Deposit. No more trips to the bank. We also provide professional pay stubs detailing the current as well as year-to-date withholdings, vacation and sick time.
· All common pay types are supported.
· Voluntary deductions are also handled, such as insurance, retirement plans, and many others.

 

See our FAQs for our online payroll.


See the benefits of our online payroll.

 

View SK Financial PDF Payroll Services Brochure.


If you have any questions, or would like to schedule an appointment to discuss your payroll requirements, please call me at 813-322-3936 or email me atSk@skfinancial.comThis e-mail address is being protected from spambots. You need JavaScript enabled to view it .  We are committed to providing you with the best level of service.
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Free Business Check-Up


We are so convinced in our superior approach that we invite all prospective clients to come visit our offices and undergo our free no-obligation “check-up” of your business or individual health. We certainly believe that knowledge has a liberating power and sometimes even knowing what the possibilities are, can lead to meaningful change in your personal or business financial health.We encourage you to call us and make an appointment and see for yourself the difference a perspective can make.

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