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November 19, 2011 2:10 pm
New Credits for Hiring Vets
Congress has voted to repeal the 3% withholding on payments to contractors, a rule that was set to take effect in 2013. As part of the repeal process, Congress also created two new tax credits for businesses that hire certain veterans:
- A “returning heroes” credit of up to $2,400 for hiring a post
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Tax Glossary
Exemption
A fixed deduction allowed to every taxpayer, except those who may be claimed as a dependent by another person. Extra exemption deductions are allowed for a spouse on a joint return and for each qualifying dependent. A deduction of $3,400 is allowed for each exemption claimed on 2007 returns, but the deduction is phased out for certain high income individuals.
