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Important news for your 2011 tax return...
Update on the status of Bush tax cuts
President Obama announced a deal Monday evening to extend the Bush-era tax rates for 2 years, as well as other tax breaks and unemployment benefits. Learn more...
Two standard mileage rates for 2011
For 2011, two sets of mileage rates will apply for the use of a car (also vans, pickups or panel trucks).
| January 1– June 30 |
July 1– December 31 |
Change |
|
|---|---|---|---|
| Business Miles | 51¢ | 55.5¢ | +4.5¢ |
| Charitable Organizations | 14¢ | 14¢ | 0 |
| Medical / Moving | 19¢ | 23.5¢ | +4.5¢ |
School tax credit information
Two school tax credits are now available for individual taxpayers: one for contributions to public schools and one for contributions to private school tuition organizations. Learn more...
IRA contribution limits
You can now contribute $5K to your traditional or Roth IRA. For those 50 or older, the maximum is $6K. For more info, check out IRS Publication 590.
Tax incentives for going green
Did you build an energy-efficient home or install an alternative energy system this year? If so, you may be eligible for a tax credit. Learn more...
You can also check these web sites for more information: energystar.gov, aceee.org/consumer, and ase.org.
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