Non business Energy Property Credit: aimed at homeowners who install insulation, new windows, and furnaces. The credit is limited to 10% of the cost of the improvement, to a lifetime limit of $500.00. Other limitations apply

Residential energy Efficient Property Credit is also available for 2011. If a taxpayer installs solar electric systems, solar hot water heaters, geothermal heat pumps, wind turbines, or fuel cell property, then the credit can equal up to 30% of the cost of the improvements.

The Credit for Small Employer Health Insurance Premiums is available for specific employers. This credit, up to 35% of premiums, is available for tax years 2010 to 2013. Additionally the rules are liberalized after tax year 2013. Form 8941 needs to be completed and attached to the businesses tax return.

An expanded Adoption Tax Credit was included in the Affordable Care Act. Essentially a family that incurs up to $13,170.00 of qualified adoption expenses can receive a tax credit for the qualifying expenses. Different rules apply for special needs children. A paper tax return, including form 8839 must be filed.

Other issues that arose and are now becoming law as a result of the Affordable Care Act include restrictions on reimbursements via Flexible Spending Arrangements or health reimbursement arrangements for over the counter medicine or drugs.

Read more 2011 Tax Facts