What's New for Tax Year 2011

 
There wasn't much late year tax changes like was had in late 2010. Mostly there was tax credit extensions which will stay in place for 2012 also. 

• Deadline for filing your return will be April 17 this year as April 15 is some states holiday.
   

• The energy efficient home improvement credit was extended but limited to 10% of the cost of the improvement and lowered to a maximum of $500. (down from $1500) This credit includes energy (Star) efficient roofing, windows, siding, sky lights, furnaces, air conditioners etc. If you have previously taken the credit available since 2006 you can't take it again.
   

• The standard mileage rate for employees using their car for work is 55 cents from Jan. 1-June 30 and 51.5 cents from July 1-Dec. 31st.
   

• The dreaded AMT (Alternative Minimum Tax) caps has been increased to help those that fall into this web. The AMT tax is a lateral form of taxation that insures that "higher" income families pay their share of income taxes.In the NYC area many two person moderate earning households move into this 'higher" category. The tax disallows work deductions and other itemized expensing to help the bottom line.