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Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

Welcome to my fully revised and updated weekly newsletter!

Dear Client,On December 17, 2010 the President signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act).

 

The 2010 Tax Relief Act extends for two years the Bush-era tax cuts, retains for two years favorable tax rates for long-term capital gains and qualified dividends, provides significant estate and gift tax relief, and includes a two-year AMT “patch.”

 

It also contains new tax breaks, including 100% first-year writeoffs of qualifying property placed in service after Sept. 8, 2010 and before Jan. 1, 2012, and a payroll/self-employment tax cut of two percentage points for 2011 for employees and self-employed individuals. Plus it extends a host of expired and expiring tax breaks for businesses and individuals as well as a number of key disaster relief provisions.

2010 Tax Relief Act’s – Individual Tax Breaks:

  •  Reduced Tax Rates Extended for Two Years
  •  Withholding and Other Tax Rates Stay Unchanged
  •  Increased Standard Deduction Amounts Extended for Two Years
  • No 3%/80% Limitation on Itemized Deductions for 2011 and 2012
  • No Phase-Out of Personal Exemptions For 2011 and 2012
  • Reduced Capital Gains and Qualified Dividends Rate Extended for Two Years
  • Expanded Child Tax Credit Extended for Two Years
  • Expanded Earned Income Tax Credit Extended
  • Expanded Adoption Credit and Employer-Provided Adoption Assistance Extended One Year
  • Expanded Employer-Provided Child Care Tax Credit Extended Through 2012
  • Expanded Dependent Care Tax Credit Extended Two Years
  • Numerous Education Incentives Extended Two Years
  • Boosted AMT Exemption Amounts for 2010 and 2011
  • Personal Nonrefundable Credits May Offset AMT and Regular Tax for 2010 and 2011
  • Energy Related Tax Provisions Extended Through 2011
  • Disaster Relief Provisions Extended Through 2011

·

2010 Tax Relief Act’s – Business Tax Breaks:

  • Bonus Depreciation Extended; Temporary 100% Deduction in Placed-in-Service Year
  • First-Year Depreciation Cap for 2011/2012 Autos and Trucks Boosted by $8,000
  • Extended Choice to Forego Bonus Depreciation and Claim Credits Instead
  • Boosted Expensing Amounts for 2012
  • Temporary Employee/Self-Employed Payroll Tax Cut for 2011
  • Research Credit Reinstated and Extended
  • Indian Employment Credit Reinstated and Extended
  • New Market Tax Credit Reinstated and Extended
  • Differential Wage Payment Credit for Employers Reinstated and Extended
  • Year Writeoff for Qualified Leasehold and Retail Improvements and Restaurant Property Reinstated and Extended
  • Enhanced Deduction for Food Inventory Reinstated and Extended
  • Enhanced Deductions for Corporate Contributions of Books Reinstated and Extended
  • Enhanced Deductions for Corporate Contributions of Computer Equipment Reinstated and Extended
  • 7-Year Writeoff for Motorsport Racing Track Facilities Reinstated and Extended
  • Expensing Election for Costs of Film and TV Production Extended
  • Expensing of Environmental Remediation Costs Reinstated and Extended
  • Domestic Production Activities Deduction Available for Puerto Rico Reinstated and Extended
  • Work Opportunity Tax Credit Extended
  • Subpart F Exception for Active Financing Income Reinstated and Extended
  • Look-Through Rule for Payments Between Related CFCs under Foreign Personal Holding Company Income Rules Reinstated and Extended
  • Lower Shareholder Basis Adjustments for Charitable Contributions by S Corporations Reinstated and Extended
  • Special Rule for Payments to a Charity From a Controlled Entity Reinstated and Extended
  • Qualified Zone Academy Bond Limitation Extended, and Refundable Credit Repealed
  • Empowerment Zone Tax Breaks Reinstated and Extended
  • District of Columbia Tax Breaks Reinstated and Extended
  • Exemption for RIC Interest-Related Dividends and Short-Term Capital Gains Dividends Reinstated and Extended
  • Treatment of RIC As Qualified Investment Entity Reinstated and Extended
  • Miscellaneous Other Provisions Extended

Also, because of the new reduced Social Security withholding percentage, the IRS has released Notice 1036 to assist employers with 2011 employee withholdings. Click the following link to access Notice 1036:http://www.irs.gov/pub/newsroom/notice_1036.pdf

 

 

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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