Given that it's tax season (don't forget, Tax Day is on 4/18 this year), you might be thinking about the bipartisan tax cut compromise from December 2010 and wondering how it affects your household's bottom line. That's why we've put together a Tax Cut Calculator and Tax Cut Checklist to help taxpayers better understand how you benefit from some of the more than 40 tax cuts signed into law by President Obama.
The brand new Tax Cut Calculator provides an easy to use tool that shows individuals and families how these tax cuts – some of which are hitting paychecks right now– will affect their taxes for 2011. The Calculator shows the benefits of the Payroll Tax Cut, which is putting more money in the pockets of millions of workers across the country already. It also illustrates how families can benefit from three Recovery Act tax cuts that the President fought to extend – the American Opportunity Tax Credit (AOTC) and the expanded Earned Income Tax Credit (EITC) and Child Tax Credit.
Enough explanation, though! Take a moment to try the tax cut calculator for yourself.
We've put together a more comprehensive memo that covers important provisions of the bipartisan tax cut compromise the President signed into law last December and includes a checklist of benefits to keep in mind for those who still have yet to file their taxes this year:
Fonte: White House