More 2011 Tax Law Changes

 Here are some additional items of interest…

  •  Standard mileage rates for 2011 are as follows:  business $.51 per mile, medical and moving $.19 per mile, charitable $.14 per mile. 

 

  • You should see an increase to your 2011 paychecks. For the year 2011 the social security tax withheld from your paycheck will decrease from 6.2% tax to only 4.2% tax. 

 

  • IRS is still revising forms due to the recent tax law changes and will not be accepting e-filed tax returns for 2010 until February 14, 2011. 

 

  • The IRS is increasing its audits of taxpayers who claimed the first time home buyer and the existing home buyer credit on their tax return.  In 2011, there will be 200,000 returns audited relating to those credits. 

 

  • Tax brackets in 2011 and 2012 for married filing joint will be as follows:

 $0 – 17,000  10%

$17,000 – 69,000  15%

$69,000 – 139,350  25%

$139,350 – 212,300  28%

$212,300 – 379,150  33%

$379,150 and up  35%

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