Tag Archives: 2010 Tax Reform Act

Renewed Interest in R&D Credit for 2010

We have written a number of times about the advantages of the Research & Development (R&D) Credit.  It is a complicated area regarding what activities qualify and how you get benefit.  Historically, I have not been overly excited about this … Continue reading

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100% Bonus Depreciation for Heavy SUVs

I am currently in the market for a new business vehicle.  I was thinking about down sizing from my Ford Pick Up.  You know the type, the one with the six foot bed that is eligible for expensing under Section 179.  … Continue reading

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Estate and Gift Tax Relief in the 2010 Tax Relief Act

The 2010 Tax Relief Act made some major changes to Estate and Gift Tax laws.  Generally, the new law provides a $5 million exemption (so if your estate is under this amount – no Estate Tax), a top tax rate of … Continue reading

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2010 Tax Relief Act delays start of 2010 filing season for some taxpayers

Many taxpayers planning to file their 2010 tax returns early have been advised by IRS to cool their heels and wait until mid- to late-February, 2011. Affected taxpayers are those planning to file Schedule A, or claim above-the-line deductions for … Continue reading

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R&D Credit Reinstated

The 2010 Tax Relief Act retroactively extends the Research Credit for two years. Extended for tax years 2010 and 2011, companies may receive a research credit (also known as an R&D credit). The research credit equals the sum of: (1) 20% of … Continue reading

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AMT relief in the 2010 Tax Relief Act

The Alternative Minimum Tax is a parallel tax system which does not permit several of the deductions permissible under the regular tax system, such as property tax and state income tax. Taxpayers who may be subject to the AMT must … Continue reading

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Overview of Tax Relief Act of 2010 Now Available!

The Tax Relief Act of 2010  was signed into law on December 17th.  For your convenience, we have prepared an overview of this new law. Check out the complete overview.  If you have any questions about this new law, please do … Continue reading

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Energy Efficient Improvement to Primary Residence Extended One Year

The 2010 Tax Relief Act extends the nonbusiness energy property credit for one year, through Dec. 31, 2011, This relates to energy efficient improvements to your primary residence located in the US. In 2011, you can claim a 10% credit for … Continue reading

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Sec 179 Depreciation Limits Extended

Under Code Sec. 179 , a taxpayer can elect to deduct as an expense, rather than to depreciate, up to a specified amount of the cost of new or used tangible personal property placed in service during the tax year … Continue reading

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2% Cut in Employee Payroll Taxes

For wages or self-employment income earned during 2011, the 2010 Tax Relief Act reduces the employee portion (ONLY) of social security tax by 2%.  This does not apply to the employer portion (or matching contribution) of social security tax.

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