We’ve been hearing the news about the extension of the Bush-era tax cuts and how these tax law extenders will lower everyone’s taxes. But what you haven’t been hearing about are the items that weren’t extended which may have important tax implications for some.
Unemployment Benefit Exclusion – Under the American Recovery and Reinvestment Act (ARRA) of 2009, the first $2,400 of unemployment benefits an individual received in 2009 were tax free. This provision applied only to benefits received in 2009. Unemployment benefits after 2009 are fully taxable.
Non-Business Energy Property Tax Credits – For 2009 and 2010 the credit …Read More