TAX TIPS FOR 2011 TAX RETURNS

• Capital gain reporting is more complicated with new form to prepare. Brokers will report cost for some sales requiring new form for sales with and without these reported cost.
• Most Credits are Still Around:
  Educational credits for books, tuition, and equipment purchased for higher education
  Residential energy credits for window, door, fans purchased for your main home
  Saver's credits for contributing to qualified retirement plans, 401K,IRA
  Adoption credits still available
• IRA contributions remain at $5000 or $6000 for age 50 and above.
• Reporting of 1099's for small businesses and rentals has been repealed. This requirement would have cost you a vast amount of time and money.
• New form will be sent to all small business accepting credit cards. The credit card income reported on your tax return must match the amount reported on 1099K.
• Mileage rates have changed mid-year. Bring in mileage log for both periods.
  

  Purpose	Jan-June	July-Dec
  Business	51 cents	55.5 cents
  Medical & Moving	19 cents	23.5 cents
  Charitable	14 cents	14 cents

• Making work pay credit no longer available because all workers received credit in paycheck with lower social security taxes- 2% less was withheld in 2011.

Check out our 2011 Newsletter

To get tax forms, go to http://www.irs.gov or come by one of our offices - see our locations or call 1-800-829-1040

To contact GA Department of Revenue

Website http://etax.dor.ga.gov
Telephone refund inquiry 1-877-423-6711