With the new year for some of us comes Tax season!!! Fun!
There are a few changes to filing this year and I thought to share them with you. Yes, the accountant in me is showing....even though I don't actually file taxes at work at all (EVER)
- Deadline to file taxes this year is April 17th (April 15th, the usual day is a Sunday and the 16th, Monday, is a public holiday, so there you go). You, of course, can obtain for an extension to FILE till the 15th of October. Now this is for filing, not paying taxes. So, if you owe the state or the federal government taxes (Hopefully, not the case), deadline to pay or make payment arrangements is still April 17th in order to avoid penalties and additional interest.
- Business mileage rates changed for 2011 mid year from 51 cents per mile to 55.5cents per mile
- For the self-employed, the health insurance deduction no longer offsets the self-employment tax. Previously, workers were able to reduce their taxed amount on the Schedule SE by the amounts paid for health insurance premiums (bummer). You, however, can still take the deduction on your Form 1040 as an adjustment to income (which only goes so far...again..bummer).
- If you're considering doing your own taxes, consider Turbo Tax. It's an online tool that helps you get the most bang for your buck. It's ridiculously user-friendly; it opens up options that you would ordinarily not think about that usually adds to your bottom-line. I use it and I love it! It's fantastic!! Try it out and let me know how it panned out for you. If you have any questions on how to use it, or if you have any tax questions at all, feel free to add a comment or email me at tabiola1029@gmail.com
Happy Filing!!!!
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