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The Sturbridge Taxman's Blog

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What’s new for the 2012 Tax Filing season (2011 income tax returns)

Categories Tax Tips (Fed)

I spent three days this month learning what is new on the tax front and reviewing tax laws.  Two days were spent in Cromwell Ct. with the National Center for Professional Education and one day with Boston Tax Institute.  There are not a lot of income tax changes for the 2011 tax year.  There were many changes for 2010 and there are many scheduled to take effect for 2012.  This before congress begins tweaking.

Most of the changes for 2011 income tax returns will be nearly invisible for those who use a professional tax preparer.  Some of the expiring tax provisions have been extended for another year while others have been extended for 2 more years.   The energy credits have been changed and limited from what we had available the past 2 years, see  Saving energy can save you money

More important than paying attention to the 2011 filings, is planning for 2012 and beyond.  Tax rates are going up and one big piece of that is dividend and capital gains tax rates.  If you are not planning for these changes now, you may end up with a larger tax bill.  I have been and will continue to write about changes as they are published.  If you are wondering about a subject, type it in the search box and you will see all incidences of my writing.

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