Published: Dec 17, 2010 11:40 PM EST
Updated: Dec 17, 2010 8:41 PM EST

 

  • It will decrease Social Security payroll taxes from 6.2% to 4.%. This will reduce taxes for 155 million workers.

  • Educators will be able to receive up to a $250 deduction who use their own money for their classroom.

  • You can receive a 10% credit for installing energy-efficient windows or roofs and credits up to $150 for energy-efficient water heaters, fans and furnaces.

  • Jobless benefits will be extended to 13 months for the long-term unemployed.

  • If you own your home, a deduction for mortgage insurance premiums will extend through 2011.

  • The child tax credit will be extended for the next two years. If you are a parent, you will be eligible to reduce your federal tax bill up to $1,000 for each child under the age of 17.