Congress has approved the extension of Bush-era individual and capital gains/dividend tax cuts for all taxpayers for two years. President Barack Obama signed the bill today, December 17.
The bill also provides for an AMT "patch", a one-year payroll tax cut, 100 percent bonus depreciation through 2011 and 50 percent bonus depreciation for 2012, a top federal estate tax rate of 35 percent with a $5 million exclusion, and more.
We'll keep you posted on other developments affecting the 2011 tax season as they occur.
Be sure to call soon for your tax appointment! Happy Holidays and I will see you soon!
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