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At Accutax we use our extensive knowledge of tax law to help our customers take advantage of the following tax benifits which are new for 2011.
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Taxpayers who sold stock or mutual funds will now receive a basis (cost) of the sale on their 1099-B.
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There is an additional Form (8867) required in order to claim the Earned Income Credit. The questions may seem a bit personal, but they are required. The penalty for not providing the information is $500, so the form is obviously mandatory.
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The Tax Credit for Energy Efficient Property (windows, etc…) is now set at a lifetime maximum of $500. This means that most of those who have already claimed it will most likely be unable to do so again due to the decreased limits.
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The State of Illinois raised the tax rate by 2% this last year. Most of you did not notice it because the IRS temporarily lowered the social security taken from your paychecks. This reduction is set to end on February 29th, so if nothing changes, wage earners will see a 2% decrease on your paychecks. Remember this is because of the Illinois tax increase.
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Illinois taxpayers must also report internet and other out of state purchases on their Illinois tax returns. If you don’t have actual receipts for purchases, there is a table available to use. In most cases the tax will be under about $20 per year.
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Beginning in 2012, all taxpayers with foreign assess over $50,000 must file Form 8938 with their taxes.
This is in addition to the Forms filed with the Treasury Department every year for those with foreign assets over $10,000.
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