About Taxes: Refundable Adoption Credit for 2010 and 2011

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Taxes Taxes Lower Your Taxes Filing Your Taxes From William Perez, your Guide to Taxes Adoption Credit For 2010 and 2011, the adoption tax credit will be refundable and worth up to $13,170. That means, unlike "non-refundable" credits, the adoption credit can offset not just federal income taxes, but also self-employment taxes, and can produce a refund check from the IRS greater than the amount of taxes prepaid through withholding. For 2012, the adoption credit will sunset and revert back to its $5,000 level (unless Congress extends this credit again). DC Legalizes, Taxes Medical Pot The District of Columbia will start imposing a 6% sales tax on medical marijuana. Precarious State Tax Revenues This week's Time magazine discusses the dire financial situation state governments find themselves in. In the first quarter of 2010, overall state tax revenues increased 2.4% largely as a result of the higher tax rates imposed in CA and NY. Tax revenues fell 34% across the rest of the states. Tax Relief for Victims of Nashville Flooding People and businesses who have suffered property damage from the flooding in and around Nashville are eligible for reassessments of the property taxes and sales tax rebates. Tax Planning: U.S. Ads Taxes Refund Taxes Deductions Kids Adoption Dependent Tax Credit Taxes Calculator Featured Articles 10% Tax on Tanning Services Starting in July Key Changes in State Income Taxes for 2009 and 2010 Expanded 1099 Reporting Starting in 2012 Claiming Dependents Deductions & Credits Business Taxes   More from About.com Plan a Unique Vegas Wedding The minister, music and champagne are just the beginning -- why not get married aboard a helicopter or have a pirate swing in to deliver your rings? Arrrr! More> Join About.com's User Panel! Share your opinions and help us make About.com more relevant, informative and enjoyable to use. More> This newsletter is written by: William Perez Taxes Guide Email Me | My Blog | My Forum   Sign up for more free newsletters on your favorite topics You are receiving this newsletter because you subscribed to the About Taxes newsletter. If you wish to change your email address or unsubscribe, please click here. About respects your privacy: Our Privacy Policy Contact Information: 249 West 17th Street New York, NY, 10011 © 2010 About.com   Must Reads Home Buyer Tax Credit IRS Email Scams Making Work Pay Tax Credit Where's My Refund? Deadlines and Tax Calendar Advertisement