Personal Tax

Under the Affordable Care Act, health care professionals who received student loan relief under state programs that reward those who work in underserved communities may qualify for refunds on their 2009 federal income tax returns, as well as an annual tax cut going forward. The Affordable Care Act included a change in the law, effective in 2009, that expands a tax exclusion … [Read more...] about Health Care Professionals Working in Underserved Areas May Qualify for Special Benefit

Planning to make an “energy-saving” improvement to your home?  2010 is the final year to take advantage of the tax credit available so you will need to act quickly as there are only three months left.  Whether you simply want to cut your utility bills or winterize your home, do it soon! The name “Home Energy Property Credit” given by Congress is not as descriptive as it could … [Read more...] about Time is Running Out for the Home Energy Property Credit

AMT is the acronym for Alternative Minimum Tax.  It is a different (alternative), and generally punitive, method of computing income tax when either certain types of income receive preferential tax treatment or there are excessive deductions in certain categories.  Congress originally implemented it to impose a minimum tax on higher-income taxpayers who were avoiding taxes … [Read more...] about Will You Be Hit by the AMT in 2010?