Must Know For Your 2011 and 2012 Taxes |
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If you didn't see a recent article on Yahoo Finance here are some highlights, great information to note. This month you will receive all required third party reporting documents:
There is a change in the due date for filing, it will be April 17th. Because the 15th falls on a Sunday and 16th is a federal holiday.
Beginning 2011, brokerage firms will now have to report to the IRS proceeds from sales of stocks and mutula funds as will as the cost basis of the investments that are sold. The new Form 8949 is used to report capital gains.
When calculating your mileage for 2011 use the rate of 51 cents per mile for miles driven un to June 30, 2011 and 55 1/2 cents per mile from July 1 to Dec 31.
Mileage rates for 2012 will be 55 1/2 cents per mile for business, 23 cents per mile for moving and medical and 14 cents per mile for charitable purposes.
The first-time home buyer's credit is ow only available to members of the military or Foreign Service.
There are other details that you might find interesting in the article, the link is above.
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