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Five Year Extension of Tax Credits

  • Broadcast in Legal
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The passage of the American Taxpayer Relief Act has lot of tax payers going through a lot of different emotions: relief, confusion, fear, sadness, happiness, etc.  

The purpose of this show is to shed some light on some of the extenstions that were made passed for many of the expiring tax credits.,  the "Bush Tax Laws" and some made during Obama's presidency.  For example, Congress has extended the

American Opportunity Credit for 5 years, which may be beneficial for parents that have students enrolled in college or for the students themselves (different qualifying factors may exist).  

Another extension that may provide some relief for tax payers is the extension of the 2009 expansions of the Child Tax Credit.  The Child Tax Credit allows earnings above $3,000.00 to count toward refundability and includes an alternative formula to calculate the credit for families with three or more qualifying children.