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New Tax Laws for 2011

We keep you informed of the most important changes:

• President Obama and Congress have approved a two-year extension to all the Bush-era tax cuts. This means that the 2011 federal IRS tax rates will be the same as 2011 levels, shown in the table below. However tax bracket ranges and standard deduction levels have increased slightly due to low inflation.

Notable changes between 2010 and 2011 Taxes:

• The value of each personal and dependent exemption, available to most taxpayers, is $3,700, up $50 from 2010.
• The new 2011 standard deduction is $11,600 for married couples filing a joint return, up $200, $5,800 for singles and married individuals filing separately, up $100, and $8,500 for heads of household, also up $100. The additional standard deduction for blind people and senior citizens is $1,150 for married individuals, up $50, and $1,450 for singles and heads of household, also up $50. Nearly two out of three taxpayers take the standard deduction, rather than itemizing deductions, such as mortgage interest, charitable contributions and state and local taxes.
• Tax-bracket thresholds increased slightly for each filing status as shown in the above table

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