Raise in the Standard Deductions- There has been an increase in all standard deductions across the board this year. The new amounts are listed below.
|
Married Filing Joint |
$11,600 |
|
Qualifying Widow With Dependent Child |
$11,600 |
|
Head Of Household |
$8,500 |
|
Married Filing Separately |
$5,800 |
|
Single |
$5,800 |
We have also seen an increase to the Blind/Overage 65 deduction. The new deductions are $1,450 (if your filing status is Single or Head of Household), and $1,150 for Married Filing Joint and Married Filing Separate Individuals.
Increase in Personal Exemptions- Personal Exemptions have increased from $3,650 to $3,700.
Tax Return Deadline Extended- 2011 Individual returns have a deadline of April 17, 2012.
New Form For Capital Gains- Starting in 2011 capital gains and losses must be reported on new Form 8949, Sales and Other Dispositions of Capital Assets. The totals are then carried to Schedule D. This form will be used to help the IRS track which financial brokers are providing taxpayers with a cost basis on the sale of Capital Property (Stocks, bonds, etc)