5 New Tax Rules for 2011 Returns

by Nancy Zambell | March 1, 2012 1:12 pm

Just in case you thought the tax code wasn’t long enough at some 73,608 pages (according to CCH Group), there are a few additions you need to know about before you file your 1040.

Most of you are aware that this year we have a couple of extra days to file, extending the due date to April 17. And we can all breathe a sigh of relief that Congress extended the 15% capital-gains rates.

In addition, for those folks who inherited estates in 2011 that are valued at less than $5 million, you are home free from federal estate tax. But if your windfall is valued higher, you’ll face a 35% tax wallop.

There are a few other changes that may affect your pocketbook[1]:

In these tough economic times, every dollar counts, so make sure you get all the deductions you have coming to you!

Endnotes:
  1. a few other changes that may affect your pocketbook: http://www.irs.gov/newsroom/article/0,,id=254023,00.html

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