Contact Us
Phone 305.826.8266
Mobile 786.306.8866
Fax 786.513.0687
2095 West 76th Street
Suite 106
Hialeah, Florida 33016
edieppa
miamitaxcpa.com
ralphmiamitaxcpa.com
Tax News
The U.S. Senate is currently working on the American Recovery and Reinvestment Act of 2009, which includes the following provisions:
1) A new worker tax credit in the amount of $500 or the amount of social security paid by the worker, whichever is lower. The credit phases out for persons with income over $75,000.00.
2) A temporary increase in the earned income credit percentage to 45 percent for persons with 3 or more qualifying children.
3) A temporary increase in the refundable portion of the child credit to $6,000.
4) A provision treating computer technology and equipment expenses as qualified higher education expenses for Section 529 college savings accounts.
5) Extension of the first time homebuyer credit of $7,500 to September 1, 2009, and waiver of the recapture provision.
6) Suspension of income tax on a portion of unemployment compensation not exceeding $2,400.00.
7) Slight increasing of the Alternative Minimum Tax exemption amount to $46,700 and $70,950 for single and jointly filing married taxpayers, respectively.
8) Extension of the net operating loss carryback rules from 2 years to 5 years for losses incurred in 2008 and 2009.
It is expected that President Barack Obama will sign the legislation upon its passing by both the House of Representatives and the U.S. Senate later this year.