ElectroFile Income Tax Service   Income Tax Service   Terry Hough, President
Terry Hough

December 22, 2010

Federal Tax Relief Act of 2010

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act) was signed into law on
December 17, 2010.

This legislation did the following:

The following provisions were NOT extended and thus are not applicable for 2010 returns:

Extender and Alternative Minimum Tax (AMT) provisions that were extended for 2010 and 2011:

Bonus Depreciation

The Tax Relief Act added provisions to allow 100% bonus depreciation for part of 2010 and all of 2011. The bonus depreciation provisions for 2010 - 2012 are:

2011 Payroll Tax Reduction

The Tax Relief Act of 2010 will reduce the employee share of Social Security taxes (that are withheld from their paychecks) by 2%.

This will also affect the Self-Employment Tax calculation for 2011 by reducing it to 10.4%.

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5200 W. Market Street
Greensboro, NC 27409

Phone: 336-852-9505
FAX : 866-616-0471
email:     taxservice@electrofile.com
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Others by appointment.