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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(18) NAEA Letter to Commissioner Everson regarding Section 152 of the Working Families Tax Relief Act of 2004 (2/6/06), available at naea.org/MemberPortal/Advocacy/Comments/Everson_Letter_Feb_2006.htm.
While the Working Families Tax Relief Act of 2004 and the American Jobs Creation Act of 2004 provide significant opportunities in tax planning, a maze of new risks, effective dates, penalties and reporting requirements require increased attention by CPAs and taxpayers.
* The estimated cost of the Working Families Tax Relief Act of 2004 is $146 billion.
Several expiring tax provisions affecting individuals and businesses were extended when the Working Families Tax Relief Act of 2004 was signed into law by President Bush in Oct.
In Tax Advisor, the profession's tax guru, Sidney Kess, gives an overview of the Working Families Tax Relief Act of 2004. Finally, our Management Advisor, T.
Taxpayers who purchase this vehicle new may claim a tax deduction of $2,000 on form 1040 under the Working Families Tax Relief Act of 2004 (www.irs.gov/newsroom/article/0,,id=130146,00.html).
A number of provisions in the Military Family Tax Relief Act of 2003 (MFTRA) (1) and the Working Families Tax Relief Act of 2004 (WFTKA) (2) grant tax relief to military personnel and their families.
Generally, the Working Families Tax Relief Act of 2004 (WFTRA) affects individuals by accelerating the effective dates of prior legislative changes, creating a uniform definition of a "child" and temporarily extending alternative minimum tax relief.
For example, its proposal to unify the definition of a child was incorporated into the recently enacted Working Families Tax Relief Act of 2004; for details, see Cook and Oestreich, "WFTRA's Individual Income Tax Provisions" p.
4, 2004, President Bush signed into law the Working Families Tax Relief Act of 2004 (WFTRA).
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