Other Deductions Extended Through 2012March 2011
Several popular provisions that were set to expire in December have been extended through 2012.
The Alternative Minimum Tax is unchanged — meaning that if you didn’t pay it last year, you probably won’t have to pay it this year, either. (Conversely, if you paid it before, you’ll likely pay it again).
If you have children, note that the Child Tax Credit, Earned Income Tax Credit, Adoption Credit, Dependent Care Credit and Employer-Provided Child Care Credit all remain available. Other provisions that remain include the ability to deduct state and local general sales taxes, a 30% credit for home energy efficiency improvements, and the repeal of the socalled marriage penalty.
Tip: The list is extensive. Instead of trying to become an expert on tax law, hire one. Have a professional tax preparer (a certified public accountant, tax attorney or enrolled agent) complete your tax return for you.
Learn About More 2011 Tax Updates»