2011 TAX DEDUCTIONS
IRS Kicks off 2012 Tax Season with
Deadline Extended to April 17, 2012
Payroll tax cut temporarily extended into 2012
January 17, 2012 - will be be the 1st filing day for 1040's.
March 15, 2012 - 1st filing day for 1120S (ALL CORPORATION)
September 15, 2012 - with an 7004 (EXTENDED) DUE
The most you can get for MILEAGE in 2011 is:
Rates 1/1 -6/30/11 Rates 7/1 - 12/31/11
Business | 51 | 55.5 |
Medical/Moving | 19 | 23.5 |
Charitable | 14 | 14 |
Examples of Income that is Not Earned Income:
Pay received for work while an inmate in a penal institution
Interest and dividends & Retirement Income
Social Security - Unemployment Benefits
Alimony & Child Support
Amount of Credit Increased
2011 Year
Earned Income and adjusted gross income (AGI) must each be less than
$43,998 ($49,078 married filing jointly) with three or more qualifying children
$40,964 ($46,044 married filing jointly) with two qualifying children
$36,052 ($41,132 married filing jointly) with one qualifying child
$13,660 ($18,740 married filing jointly) with no qualifying children
Tax Year 2011 maximum credit:
$5,751 with three or more qualifying children
$5,112 with two qualifying children
$3,094 with one qualifying child
$464 with no qualifyingchildren
Investment income amount.
The maximum amount of investment income you can have and
still get the credit is still $3,100 for 2010.
Advance payment of the credit.
If you get the advance payments of the credit from your employer
with your pay, the total advance payments you get during
2010 can be as much as $1,830.
Making Work Pay provision of the American
Recovery and Reinvestment Act of 2009
In 2009 and 2010, the Making Work Pay
provision of the American
Recovery and Reinvestment Act of 2009 provided a refundable
tax credit of up to $400 for working individuals and up to $800
for married taxpayers filing joint returns.
CONGRESS WILL NOT BE OFFERING
THAT TO TAX PAYERS THIS YEAR!
