The fate of 2011 individual income tax rates is still up in the air, but Congress could take action before the elections to provide clarity to the situation. With no Congressional action, tax rates would revert back to pre-2001 levels; however, the President has advocated keeping the first four tax brackets (10%, 15%, 25% and 28%) intact and increasing the top two brackets (currently 33% and 35%) to 36% and 39.6%.
So what does all this mean to you? Read full article to find out.
On Friday, July 2, the President extended the closing deadline for the first-time homebuyer credit to September 30, 2010. Previously, the deadline to close was June 30, 2010 for an eligible homebuyer who entered into a binding contract on or before April 30, 2010. The new law affords additional time to homebuyers who have experienced difficulty obtaining financing.
As described in a previous post, most of the tax provisions of the recent federal healthcare legislation are not effective for several years. One notable exception is the small business health insurance credit. Read article for full details.