Tax Tips |
Tax Tip
- Summary of 2007 Tax Legislation
Several changes have been made in 2007. Use this quick chart to see if your taxes will be affected. - Small Business & Work Opportunity Act
President Bush signs the new tax bill into law bringing small business tax relief and a long-awaited minimum wage increase. The tax law also includes expanded Gulf Opportunity Zone relief and many individual provisions. - Mortgage Forgiveness Debt Relief Act
President Bush signed the Mortgage Forgiveness Debt Relief Act of 2007, which will help Americans avoid foreclosure by protecting families from higher taxes when they refinance their home mortgages. This Act will create a 3-year window for homeowners to refinance their mortgages and pay no taxes on any debt forgiveness that they receive.
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