There are some new changes in the tax rates and tax laws for 2011 so be sure to get all the information you need to get more of your money back form Uncle Sam. Almost two-thirds of those filing tax returns will take the standard deductions rather than taking the time to itemize deductions.
Be sure to itemize deductions if you have a mortgage, make charitable contributions in 2010, and if you paid state and local sales taxes. The tax bracket thresholds have increased a bit for this year so make sure you take advantage of that.
• Each personal and dependent tax exemption is going up $50 to $3,700 for 2011.
• Married couples filing jointly in 2011 get a standard deduction of $11,600, up $200 from 2010
• Singles and married couples filing separately, the standard deduction is $8,500 for 2011, up $100 from 2010.
• Additional standard tax deduction for blind folks and seniors is $1,150 for married individuals, up $50
Taxpayers may file their tax forms online as early as January 11 for e-filers. January 31 is the usual date mandated by the IRS for employers to have all W-2 documents to employees, unless and IRS exemption is provided. And this year, the actual tax deadline falls on April 18, 2011. Any requests for tax filing extensions are also due on that date.