In addition to the important estate and gift tax provisions of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the “2010 Tax Act”), the Act also includes numerous provisions affecting federal income taxation. The income tax provisions of the 2010 Tax Act will provide income tax relief to many taxpayers. However, this tax relief may be short lived because the 2010 Tax Act expires at the end of 2012 (and some provisions of the Act expire even earlier). Therefore, it is important to take advantage of the temporary income tax benefits of the 2010 Tax Act while you can.
Following is a summary of some of the income tax provisions of the 2010 Tax Act that could affect you over the next two years.
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