Working Families Tax Relief Act of 2004

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Working Families Tax Relief Act of 2004

Legislation in the United States that extended tax cuts to middle class families and restored business tax cuts that were scheduled to expire. Among other provisions, it extended the $1,000 child tax credit, which was set to change to $700 per child.
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This supplement integrates the applicable parts of the American Jobs Creation Act and the Working Families Tax Relief Act, both of 2004, into The tax law of charitable giving, 3d ed (published in 2005).
As established by the Working Families Tax Relief Act of 2004, the uniform definition of a child (UDOC) provides a definition for five different child-based benefits.
In general, AB 115 conforms California tax law with the Economic Growth and Tax Relief Reconciliation Act of 2001; the Job Creation and Worker Assistance Act of 2002; the Jobs and Growth Tax Relief Reconciliation Act of 2003; the Medicare Prescription Drug, Improvement, and Modernization Act of 2003; the Working Families Tax Relief Act of 2004; and the American Jobs Creation Act of 2004.
Beginning with tax year 2005, the Working Families Tax Relief Act of 2004 (6) standardized the definition of a child for five common tax benefits: head of household filing status, dependent exemptions for children, the dependent care credit, the earned income tax credit, and the child and additional child tax credits.
THE WORKING FAMILIES TAX RELIEF ACT OF 2004 extends the alternative minimum tax exemption of $58,000 (married filing jointly) and $40,250 (single) through 2005.
The American Jobs Creation Act of 2004 and the Working Families Tax Relief Act of 2004 have been summarized including some of the highlights, emphasizing the expanded opportunities for small-business owners.
In 2004, Congress extended many of the individual tax cuts through 2010 in the Working Families Tax Relief Act of 2004 (P.
PPC's Guide to 2004 Tax Legislation addresses the numerous changes made by the Working Families Tax Relief Act of 2004 and the American Jobs Creation Act of 2004.
By passing the Working Families Tax Relief Act, Congress kept the child tax credit at $1,000, preserved the 10-percent bracket at its current level and maintained "marriage penalty" relief.
The new edition has been expanded to include new information on the Tax Relief and Health Care Act of 2006, the Working Families Tax Relief Act of 2004 and other new legal developments.
TIPRA Section 301 includes some relief from the AMT for 2006, via a temporary increase in the AMT exemptions, which will be $62,550 for those married filing jointly and $42,500 for single taxpayers (compared to $58,000 and $40,250, respectively, as provided in the Working Families Tax Relief Act of 2004).
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