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NEW TAX LAWS YOU SHOULD KNOW ABOUT

1. The child tax credit of $1000 per child under 17 is now permanent. $1000 is the maximum. If you are married filing joint and your income is more than $110,000 the credit is limited. $75,000 for single or head of household

2. The American opportunity credit, and education credit, will be allowed through 2017.
However the tuition deduction expires after 2013.

3. The US Supreme Court decided to recognize same sex legally married couples. The IRS now recognizes this as marital status. a same-sex couple can now file their tax return as married filing joint.

4. The earned income tax credit, Will expire in 2017. In all likelihood it will be renewed.

5. The estate tax exemption for 2013 Is now $5,250,000 with the top tax rate of 40%. In other words, anyone who dies before the end of the year with an estate valued at less than this amount will owe no estate tax.