Fiscal Cliff Deal breakdown
- Income Taxes will only rise on individuals making over $400, 000 and couples making over $450,000 a year, will increase from 35% to 39.6%.
- Investment tax income increased to 20% for those who make over $400,000 a year
-Emergency unemployment compensation extended for a year
-American Opportunity Credit extended for 5 years
-Earned Income Credit extended for 5 years
-Child Tax Credit of $1000 extended for 5 years
-Mortgage Debt Forgiveness extended for another year. So if you are forced into a short sale or foreclosure, you do not have to pay taxes on the amount of loan forgiven.
Tax Charm blog is not legal or professional advice.
You are reading Tax Charm blog at your own free will and you are taking the information provided at your own risk.
I am the legal copy righter of this blog, you may not use, reprint or publish information from this blog without my permission.
-We will pay 6.2 percent out of payroll checks towards social security instead of 4.2 percent, payroll tax holiday is over
- Income Taxes will only rise on individuals making over $400, 000 and couples making over $450,000 a year, will increase from 35% to 39.6%.
- Investment tax income increased to 20% for those who make over $400,000 a year
-Emergency unemployment compensation extended for a year
-American Opportunity Credit extended for 5 years
-Earned Income Credit extended for 5 years
-Child Tax Credit of $1000 extended for 5 years
-Mortgage Debt Forgiveness extended for another year. So if you are forced into a short sale or foreclosure, you do not have to pay taxes on the amount of loan forgiven.
Tax Charm blog is not legal or professional advice.
You are reading Tax Charm blog at your own free will and you are taking the information provided at your own risk.
I am the legal copy righter of this blog, you may not use, reprint or publish information from this blog without my permission.
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