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Economic Growth and Tax Relief Reconciliation

An act was placed to benefit the people responsible for a surplus held by the government. This act may have been designed to encourage economic growth with offerings of tax relief reconciliation. There could be ways for a person to take advantage of these tax breaks that may give one growth in earnings which may free up spending. The Economic Growth and Tax Relief Reconciliation Act may have been introduced into legislation with this in mind.

What is Economic Growth and Tax Relief Reconciliation?

Economic Growth and Tax Relief Reconciliation is tax legislation in the United States, brought in by President George W. Bush. The president believed the surplus was funds owed to the American people and should be returned to them in form of tax cuts. Read below where many questions have been answered by the Experts pertaining to economic growth and tax relief reconciliation.

Would a person need to file an estate tax return for an estate that is worth approximately $50k?

In some states, if estate tax value is below the minimum federal estate tax filing threshold, no tax would be due. The Economic Growth and Tax Relief Reconciliation Act of 2001 amended the Internal Revenue Code that an estate may not claim a credit for state death taxes for one who died after December 31, 2004.

In reference to the Economic Growth and Tax Relief Reconciliation Act of 2001, one might be entitled to long term tax relief. Does the government owe additional money other than the 2 checks already received in 2001?

Checks were issued to many Americans for a percentage of funds available, through the tax relief reconciliation act. The program was not extended and the tax relief that enabled so many to obtain a check or checks was ended. One may need to contact the IRS or your tax preparer to verify receipt of these earned benefits.

How much gift tax would a person expect to pay when receiving gifts from a family member?

Gifts totaling up to $1,000,000 may be exempt from a gift tax due to the Economic Growth and Tax Relief Reconciliation Act of 2001. One might be required to file a gift tax return if the gift where to exceed $13000 but less than $1,013,000 and still not pay any gift tax. This may be because of a credit that offsets the tax. This credit may permit you to receive an excess of gifts totaling $1,000,000 over one’s lifetime without paying any gift taxes.

Is there a deduction allowance for interest paid on students loans for a married couple?

A Single person may take advantage of student loan deductions that a married person is not eligible for. As a married couple, one may have eligible deductions when filing on a joint tax return that a single person would not have. Economic Growth and Tax Relief Reconciliation Act of 2001 made tax brackets for married couples filing lower, which may be an offset of that of a single person filing deductions for the interest paid on student loans.

This act made many significant changes in Internal Revenue Codes. The acts were structured to lower tax rates and simplify retirement plan rules for Individual retirement accounts and pension plans. Economic Growth and Tax Relief Reconciliation Tax Act is also credited for the ability of one to receive gifts that may be eligible for tax credits that could offset the gift tax, if within the limits set by the IRS. Consulting with an Expert may help you with other tax credits that may relieve some of your tax burden.
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