Six Important Facts about Dependents and Exemptions
E ven though each individual tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include dependents and exemptions. The IRS has six important facts about dependents and exemptions that will help you file your 2011 tax return.1. Exemptions reduce your taxable income. [...]
New Tax Guide Helps People Save on Their 2011 Taxes
WASHINGTON? Taxpayers can get the most out of various recovery tax benefits and get a jump on preparing their 2011 federal income tax returns by consulting a newly revised comprehensive tax guide now available on IRS.gov. Publication 17, Your Federal Income Tax, features details on taking advantage of a wide range of tax-saving opportunities, such [...]
Payroll Tax Cut Temporarily Extended into 2012
WASHINGTON ? Nearly 160 million workers will benefit from the extension of the reduced payroll tax rate that has been in effect for 2011. The Temporary Payroll Tax Cut Continuation Act of 2011 temporarily extends the two percentage point payroll tax cut for employees, continuing the reduction of their Social Security tax withholding rate from [...]
Six Year-End Tips to Reduce 2011 Taxes
The IRS wants to remind all taxpayers that with the New Year fast approaching, there is still time for you to take steps that can lower your 2011 taxes. However, you usually need to take action no later than Dec. 31 in order to claim certain tax benefits. Here are six tax-saving tips for you [...]
IRS Announces 2012 Standard Mileage Rates
WASHINGTON ? The Internal Revenue Service today issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: ? [...]
IRS Offers Tips for Year-End Giving
WASHINGTON ? Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following: Special Charitable Contributions for Certain IRA Owners This provision, currently scheduled to expire at the end of 2011, offers older owners of individual [...]
House passes ?Middle Class Tax Relief & Job Creation Act of 2011?
On December 13, the House of Representatives by a vote of 234 to 193, passed H.R. 3630, the ?Middle Class Tax Relief & Job Creation Act of 2011.? The Republican-championed bill heads for the Senate, where its prospects are iffy. Even if the Senate were to pass H.R. 3630 without change, the President has said [...]
IRS Announces 2012 Standard Mileage Rates
WASHINGTON ? The Internal Revenue Service today issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: ? [...]
Home Energy Credits Still Available for 2011
TheIRS reminds homeowners that they still have time this year to make energy-saving and green-energy home improvements and qualify for either of two home energy credits.The Nonbusiness Energy Property Credit is aimed at homeowners installing energy efficient improvements such as insulation, new windows and furnaces. The credit is more limited than in the past years, [...]
On November 4, House Democrats introduced the ?Emergency Unemployment Compensation Act.? This legislation, which would extend federal unemployment insurance (UI) programs through 2012, also would prevent employers from paying a higher 2011 federal unemployment tax (FUTA) bill. FUTA tax rate complications. Effective for wages paid beginning July 1, 2011, the FUTA tax rate, before consideration [...]
