Tax Law Changes on WSB Radio

Show Notes for Ilyce Glink on the Clark Howard Show, December 28, 2011.

Today, we’re answering your tax and money questions with Ilyce Glink filling in for Clark Howard on WSB Radio. We have Merry Brodie, an Enrolled Agent and owner of several Jackson Hewitt Franchises in the Atlanta area, and Bill Nemeth, an Enrolled Agent who is president of the Georgia Association of Enrolled Agents.

Recession Tax Law Changes

For more tax help, contact the Georgia Association of Enrolled Agents and Bill Nemeth at wgnemeth@aol.com and Merry Brodie at merrybrodie@aol.com.

2012 Payroll Tax Holiday – Through February 2012 – 2% less Social Security tax paid by Taxpayer.

2011 Payroll Tax Holiday – 2% less Social Security tax paid by Taxpayer.

2009 and 2010 – Making Work Pay Credit (Schedule M $400 or $800 )

2010 Hiring Incentives to Restore Employment (HIRE) Act

2009 Cash for Clunkers Program

2009 First-Time Homebuyer’s Credit ($8,000 Refundable Credit)
Credit was expanded to allow for a reduced credit for long-time homeowners who buy and move to another residence.

2009  Suspend Required Minimum Distributions on Retirement Plans

2009 – 2012 Child Tax Credit Threshold reduced to $3,000

2009 – 2012 Expanded Earned Income Credit for up to 3 children.

2008 – 2012 Expanded Section 179 Depreciation

2008 – 2012 American Opportunity Credit (Up to $2,500 per student – partially refundable)

2008 – 2011 Bonus Depreciation for Equipment purchased NEW

2008 Stimulus Payment sent out to taxpayers who filed 2007 returns ($300 to $2,400 depending on income and number of dependents).

2008 First-Time Homebuyer’s Credit ($7,500 Loan)

2008 5-Year NOL Carryback

2008 Child Tax Credit Threshold reduced from $12,050 to $8,500

2007 – 2012 Foreclosure of taxpayer’s Primary Residence Taxability of Forgiven Debt suspended.

For the best in 2012 money advice, check out Dan Solin’s new book, The Smartest Money Book You’ll Ever Read: Everything You Need To Know About Growing, Spending and Enjoying Your Money. The book will be published January 3, 2012, but you can pre-order it now at smartestinvestmentbook.com.

Have more money and tax questions? Leave your questions in the comments below.


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5 Responses to Tax Law Changes on WSB Radio

  1. Bob says:

    I exercised some non-qualified stock options this year and will have to report the gain as ordinary income and pay Federal, State, FICA, and Medicare taxes. Will this income qualify me to make a Roth IRA contribution for 2011? I am retired and have no other quallifying income.

  2. Pingback: Ilyce Glink on the Clark Howard Show – Tax Law Changes – December 28, 2011

  3. BobH says:

    Each year, around the holidays or shortly thereafter, I hear about “Tax Law Changes.” Most do not apply to me, but one glaring one has been absent from the blogs and shows/literature that I receive (and there are MANY!)
    That is the changes (due to the 2010 and 2011 legislation on reporting Capital Gains) to the Schedule D and the elimination of the D-1 form. Silently this one came up on me. The IRS says that it will simplify record-keeping. I see the new form, and its many new columns as an extra burden to complete. It appears that the IRS is tightening up on those who do not correctly report their asset basis, for whatever reasons.

  4. Pingback: Ilyce Glink Show – Tax Law Changes – January 1, 2012

  5. Pingback: Ilyce Glink Show – 2012 Tax Season – March 25, 2012

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