Tax Law Changes

Chapter 1: Federal revenue enhancement Law Changes 2011 Due get wind of show The due date for the US Individual Income Tax Return for Tax Year 2011 is April 17, 2012. The due date is April 17, instead of April 15, because April 15, 2012 is a Sunday and April 16, 2012, is the Emancipation Day holiday in the regulate of Columbia. Wage Threshold for Household Employees For 2011, the social warranter and Medicare earnings threshold for household employees remains unchanged at $1,700. This federal agency that tax put upers who paid a household employee bills wages of slight than $1,700 in 2011 do not have to report and remunerate social trade protection and Medicare taxes on that employees 2011 wages. . Income Limits Increased for Excluding pedagogics Savings constipate Interest For 2011, the amount of the affaire exclusion is phased bulge for wed Filing Jointly taxpayers or Qualifying Widow(er) taxpayers whose modify AGI is betwixt $106,650 and $136,650. If the modified AGI is $136,650 or more, no tax deduction is totallyowed. For wizard and Head of Household filing statuses, the pursuit exclusion is phased by for taxpayers whose modified AGI is between $71,100 and $86,100. If the modified AGI is $86,100 or more, no deduction is throw overboarded. Introduction Generally, you must pay tax on the interest earned on U.S. savings bonds.

If you do not allow in the interest in income in the years it is earned, you must implicate it in your income in the year in which you interchange in the bonds. However, when you cash in certain savings bonds chtho nic an culture savings bond program, you ma! y be up to(p) to shut out the interest from income. Who Can Cash In Bonds Tax eject You may be able to cash in fit U.S. savings bonds without having to include in your income whatever or all of the interest earned on the bonds if you regard the following conditions. You pay qualified education expenses for yourself, your spouse, or a dependent for whom you cry an exemption on your return. Your modified set gross income (MAGI) is...If you involve to get a full essay, separate it on our website: OrderCustomPaper.com

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