What’s New For Tax Year 2011

With 2011 coming to a close, there a number of new changes for that will apply for the 2011 tax year. 

Below are some of the main highlights that may apply to you:

  • Due date of return. This year the due date is April 17, 2012. Anytime April 15 falls on a weekend day or federal or District of Columbia (D.C.) holiday, the due date is moved to the next week day. April 15 falls on Sunday and April 16 is the Emancipation Day holiday in D.C.
  • New Form 8949. In most cases, you must report your capital gains and losses on the new Form 8949, which will flow to the Schedule D.
  • Standard Mileage Rates. The 2011 rate for business use of your car is 51 cents a mile for miles driven before July 1, 2011 and 55.5 cents a mile for miles driven July 1, 2011 or later. Moving expense mileage is 19 cents a mile for miles driven before July 1, 2011 and 23.5 cents a mile for miles driven July 1, 2011 or later.  Standard Mileage Rates. The 2011 rate for business use of your car is 51 cents a mile for miles driven before July 1, 2011 and 55.5 cents a mile for miles driven July 1, 2011 or later. Moving expense mileage is 19 cents a mile for miles driven before July 1, 2011 and 23.5 cents a mile for miles driven July 1, 2011 or later. 
  • Standard Deduction Increased. Amounts have increased for 2011 as follows: Married Filing Joint and Qualifying Widow/Widower with child is $11,600, Head of Household is $8,500, and Single and Married Filing Separate is $5,800.
  • Exemption Amount Increased. The exemption amount has increased from $3,650 to $3,700 for 2011.
  • Making Work Pay Credit. The making work pay credit has expired. You cannot claim it on your 2011 return. Schedule M is no longer in use.

For more information and details about what’s new for 2011, please see  IRS Publication 17 or contact your local  Liberty Tax Service Office.

Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.
 

Posted To: Ramblin Randall By: Ramblin Randall On: Thursday, December 29, 2011
blog comments powered by Disqus