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Tax Updates
and Press Releases
Non business Energy Property Credit: aimed at homeowners who install insulation, new windows, and furnaces.
Residential energy Efficient Property Credit is also available for 2011. 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.
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.
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.
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