Tax Changes Archives - Philadelphia CPA
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Tax Changes

Lawmakers decided to allow dozens of tax breaks to expire after 2013, and most of them will not be retroactively revived until late 2014. They include the R & D tax credit, the deduction for state sales tax in lieu of income tax, and the...

Lifetime Learning Credit is a tax credit for any person who takes college classes. It provides a tax credit of 20% of tuition expenses, with a maximum of $2000 in tax credits on the first $10,000 of college tuition expenses. It applies to undergraduate and...

Your deductions are worth more in 2013 because of the Fiscal Cliff legislation. Here are the increases in tax rates for 2013:1. Top tax rate increases from 35 to 39.6 percent on taxable income over $400,000 ($450,000 for joint returns).2. Increase in...

TAX CHANGES THAT MAY AFFECT YOU IN 2011There are a host of tax changes that started in 2011 as well as unanticipated extensions of some tax breaks. The first change was a non-change. All of the tax brackets were scheduled to increase. However, for both...