Bush Era Tax Cuts Should Be Permanent (extended thru 2012)
WHAT WAS IN THE 2003 TAX ACT AND DID YOU BENEFIT?
Lower tax rates - Effective January 1, 2003 28%, 31%, 36% and 39% tax brackets are reduced to 25%, 28%, 33% and 35%.
Child tax credits - For every child under age 17, you will receive a tax credit of $1,000, increased from $600. Income limits apply.
Marriage penalty relief - For married couples who do not itemize, your standard deduction is increased to twice the "single" standard deduction.
Lower taxes on dividends and capital gains - Effective January 1, 2003, dividends are taxed at 15%. Capital gain tax rate is reduced from 20% to 15% for sales of assets after May 6, 2003.
Depreciation writeoffs for small businesses - Increase in Section 179 equipment expense allowance from $25,000 to $100,000. Also, the first year depreciation bonus is increased to 50% of qualified new asset purchases. This increase is effective after May 5, 2003. Depreciation allowed on vehicles is also increased.
Call or email to determine the tax savings in your specific situation.