Written by In 2011, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation. These inflation adjustments relate to eight tax provisions that were either modified or extended by the Tax Relief, Unemployment Insurance Re-authorization and Job Creation Act of 2010 that became law on Dec. 17. New dollar amounts affecting 2011 [...]
Posts in category Exemptions
Check Your Withholdings
With less than two months remaining in the calendar year, it’s a great time to double check your federal withholding to make sure enough taxes are being taken out of your pay. The average refund for 2009 was $2,887, up 8 percent from 2008. Even though the Making Work Pay Tax Credit lowered tax withholding [...]
Do You Qualify for the EIC
IRS TAX TIP 2010-22 They are really going after those who file for this credit and do not qualify. Make sure you really are eligable. Start by reading this IRS tax tip. Be Sure to Know Whether You Qualify for the Earned Income Tax Credit The Earned Income Tax Credit, commonly referred to as [...]
IRS info on EIC
IRS Marks EITC Awareness Day; Highlights Expanded Tax Credit WASHINGTON — An expanded Earned Income Tax Credit (EITC) means larger families will qualify for a larger credit, offering greater relief for people who struggled through difficult financial times last year, the Internal Revenue Service said today. The IRS and the Treasury Department marked EITC Awareness [...]
Five Important Facts about Dependents and Exemptions
When you prepare to file your 2009 tax return, there are two things that will factor into your tax situation: dependents and exemptions. Here, the IRS gives you five important facts that you should know about dependents and exemptions before you file your 2009 tax return. If someone else claims you as a dependent, [...]
