While these are not estate tax related, I wanted to share some information on new income tax provisions that may very well impact you! Here are some of the key provisions:
- One of the biggest breaks will come from changes in the Alternative Minimum Tax (AMT), which could mean a $2,300 savings for a family of four. The AMT was originally meant to ensure that the rich paid some taxes, but in time it has come to hit families making as little as $45,000.
- If you are unemployed, you will receive an extra $25 a week and your checks will continue until the end of this year.
- If your child is in college and you earn less than $160,000, you will be eligible for a $2,500 tax credit.
- Now is the time to buy a new car, because the sales tax will be an income tax deduction under the bill.
- First time home owners can receive an $8,000 tax credit for buying.
- There are increased depreciation deductions for business owners.