New Federal Tax Laws for 2011, 2012

Are you up-to-date on the new tax laws that will be imposed for 2011 and 2012? The changes that have been put into place could save you a lot of money.

First of all the standard deduction will be increased for most taxpayers. The increased amounts are reflected by your filing status. For example:

• Married couples filing jointly will be able to take a standard deduction of $11,600. For Singles and Married couples filing separately they can take a standard deduction of $5,800.

Other changes you can expect in this year are:

• You can contribute more in your 401K-retirement account and your IRA account before having to pay tax on it.
• The new mileage deduction rates
• The gift tax exclusion is now eligible at $13,000
• The earned income credit now begins at $13,660 for individuals

These changes are just some of the new tax rules. To make sure you are benefiting from all of the changes that will be put into place you should prepare your taxes online. Online services can be a great help in keeping you up to date on the ever changing tax laws.

Most services ask you a series of questions based on you’re filing status and tax situation to make sure all of the necessary tax forms have been completed and are accurate. Preparing your tax return is stressful enough, wouldn’t it be great to have a guarantee that your return is accurate.

TurboTax Online does just that. They are a safe and secure service to help ease the process of filing your tax return. Their detailed system makes sure you have claimed all of the deductions available to you while checking your return for errors to guarantee the accuracy and reducing your risk of an audit.

Visit TurboTax Online today to learn more about the upcoming new tax laws and to start preparing your taxes online today.