Before filing your 2011 Federal Income Tax return, go to www.IRS.gov for important information on tax changes & updates, plus view new legislation that may affect your tax return.
Here are a few of the important changes:
Due date of return. File your federal tax return by Tuesday, April 17, 2012.
Standard deduction and exemptions increased.
- Deductions for each exemption increased $50 to $3,700 for 2011.
Self-employed health insurance deduction. This deduction is no longer allowed on Schedule SE (Form 1040), but you can take it on Form 1040, line 29.
Roth IRAs. If you converted or rolled over an amount from a traditional IRA to a Roth IRA or designated Roth in 2010 and elected not to report the taxable amount on your 2010 return, you generally must report half of it on your 2011 return, and the remainder on your 2012 return.
Mailing a return. The IRS changed the filing location for several areas. If you’re mailing a paper return, see the Form 1040 instructions for the correct address.
Detailed information on these changes can be found on the IRS website – www.irs.gov.
We have experienced tax professionals ready, willing, and able to file for you if you don’t want to do it by yourself…(503)252-9197.