New Tax Deductions for 2011, 2012

Did you know that there are several new tax deductions for 2011, and 2012? You may be able to claim a few new tax deductions and get a bigger tax refund as a result.

Some of the new tax deductions include:

• New car sales tax deduction - an additional deduction for sales tax on new qualifying vehicles.
• The standard deductions have been increased – for example married joint filers now can deduct $11,600 and for single or married couple filing separately can take a standard deduction of $5,800.
• The earned income credit has increased more than $2,000 from 2008.
• The mileage deduction has increased.
• The Gift tax exclusion has increased by $1,000.
• You can contribute more in your 401K-retirement account and your IRA account before having to pay tax on it.

There are many other new tax deductions available for taxpayers. If you want to make sure you have taken advantage of all of the new tax deductions for your tax return I suggest using an online tax service. Most online tax services can guarantee that your tax return is accurate, also an online service such as TurboTax Online will guarantee the biggest refund possible.

TurboTax Online will 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 help you get the biggest refund possible or reduce your liability to the IRS.

For more information and to guarantee the biggest refund possible by utilizing new tax deductions available, visit TurboTax Online today.