Apr
30
2009
Tax Law Changes to Keep in Mind
Posted by Carolyn Spohrer at 9:02 AM VITA
According to John Trevillian, IRS Senior Tax Consultant, there are several tax law changes to keep in mind as a result of the American Recovery and Reinvestment Act of 2009 (ARRA):
- Temporary increase in earned income credit
- Temporary increase in refundable portion of child tax credit
- American Opportunity Tax Credit which makes temporary changes to the education credits (a portion will be refundable)
- A portion of unemployment compensation ($2,400) can be excluded on a taxpayer's 2009 tax return
For more information please visit the IRS website and look for Publication 553, Highlights of 2008 Tax Changes.
