Tax Credits and Deductions for Teachers ($250), Unemployed, Home Owners ($500/$1000) and College Tuition in 2010 Jobs and Closing Tax Loopholes Act

The recently introduced American Jobs and Closing Tax Loopholes Act (Bill: HR 4213) includes important tax cuts to put more money back into the pockets of American families and workers. This new bill extends critical tax cuts through the end of 2010 so families and workers can receive the full benefits of these tax cuts on their 2010 tax returns and, therefore, have more money to spend on the items they need like gas and groceries. The proposals are estimated to provide American families with an additional $5 billion of tax cuts in 2010. Specific tax breaks and credits include:

Tax Cut for College Tuition – This bill extends a tax deduction for qualified education expenses including college tuition and fees, so Americans can get the world-class education they deserve without going bankrupt in the process.

Property Tax Deduction – This bill extends the additional standard deduction for state and local property taxes to save families money on their federal tax returns. This deduction allows taxpayers who do not itemize their tax deductions to receive property tax relief as a standard deduction of $500 for single filers and $1,000 for joint filers.

Tax Cut for School Teachers – This bill extends a $250 tax deduction for teachers who buy

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2010 HIRE Act – Small Business Health Care Tax Credit, Payroll Tax Incentive and Business Credit For Employers Hiring and Retaining Unemployed Workers

[Updated with New IRS provisions] The IRS has released more details on tax-saving opportunities included in recently enacted HIRE act federal legislation (see details in previous update below). A variety of business tax deductions and credits were created, extended and expanded by the American Recovery and Reinvestment Act of 2009 …

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