Tax Relief for Small Businesses & Middle Class Families in 2014 President Obama has been cutting taxes for the middle class since he has been in office, and the middle classes federal taxes are at the lowest levels that they have seen in decades. Typically middle class families have gotten tax cuts of $3,600 for the past four years and even more if their child was in college. •
The Making Work Pay credit by President Obama has provided 85% of working families with a tax cut of $400 for single filers and $800 for married couples.
The payroll tax cut has awarded 160 million works with a reduction of 2% in payroll taxes which means if a family makes $50,000 their taxes will be decreased by $1,000 ($40 per paycheck). This has been going on since 2011.
Thanks to the American Opportunity Tax Credit by President Obama families are now able to receive a maximum amount of $10,000 (a 30% discount) over four years if they have a child in college.
Federal income taxes for middle income filers are almost to the lowest level that they have been in decades since the Eisenhower Administration.
15 million employed families that have children benefit from the improvements made to the Child Tax Credit and the Earned Income Tax Credit from President Obama. •
Close to 12 million families with children have received larger Child Tax Credits, this includes close to five million families that did not benefit from the credit in the past.
The Child Tax Credit and Earned Income Tax Credit enhancements have helped 1.6 million people get out of poverty since 2010.
Beginning in 2013, close to eighteen million tax payers will receive tax credits for their health insurance which will average about $4,000 per filer due to the Affordable Care Act. •
Over the next decade it is said that the Affordable Care Act will provide middle class tax filers with close to $700 billion in tax credits to assist with their health insurance coverage expenses.
Tax Relief for Small Businesses
President Obama stands firmly on his belief that small businesses and entrepreneurs are what contribute to our economic growth and they play a large role in our economic recovery. As a result of this belief he has signed 18 tax cuts for small businesses into law such as 100% expenses to small businesses health tax credit and the temporary tax exclusion of capital gains that resulted from small business investments. Tax Filing Time Make sure that you never miss a deduction and receive your biggest tax refund ever by using Turbo Tax. Turbo Tax can help you discover more than 350 deductions and even show you the ones that you qualify for. Also, be sure to check out the free tax refund estimator provided by Turbo Tax.