Tax Calculators, Child Tax Credit and Tax Cuts, Oh My!

[ 0 ] April 3, 2011 |

A new tax calculator may end your confusion about how the Child Tax Credit, Payroll Tax Cut, or other new tax laws may apply to you and your family this tax season.

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The Tax Cut Calculator is being described by the White House as a “tool that shows individuals and families how these tax cuts — some of which are hitting paychecks right now – will affect their taxes for 2011.” A tax cut checklist is also provided to help taxpayers better understand how they can benefit from some of the more than 40 tax cuts signed into law by the President, including the Child Tax Credit and Payroll Tax Cut.

The Tax Cut 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,” the White House said in a blog post. “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.”

Click on the White House Web site here to get more information on what tax cuts may apply to you, and claims you can include on your taxes this year.

The tax cuts in question were those signed into law by President Bush and were scheduled to expire at the end of 2010. Obama wanted to extend the tax cuts for middle class and poor and halt them for the those taxpayers making more than $200,000 – or couples making more than $250,000 – but Republicans opposed ending the cuts for the upper tax bracket in the name of the ailing economy. So the tax cuts have been extended until 2012.

But no tax tool should replace any tax preparation advice offered by the IRS. The agency’s web site is chock full of helpful information for taxpayers, including how to file your federal taxes for free, how to claim past years’ tax refunds, and other free tax help. Good luck!

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