COMING TO YOU SOON!

Watch this site for helpful tax hints once the federal legislature determines what all the final 2011 tax facts will be for the 2011 tax year (Congress is considering changing a variety of items, possibly even as late as February 2012 retroactively back to 2011).

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Other information for you to consider:

<>Social security benefits to increase by 3.6% for most social security recipients (watch for your statements in December 2011 to tell you what your new 2012 will be beginning in January 2012.

<>If you intend now that you are going to itemize your tax deductions for 2011, "bunch up" all your possible deductions for medical payments, property taxes on your real estate, purchase of vehicles (sales tax) and charitable contributions for 2011 and keep all that data in one easy-to-find place in your home.   If you need a list of what is deductible and what might also generate a tax credit for you, download the TAX ORGANIZER available on this website or write me for an e-filed copy at Tom@TomBlairEA.com

<>Look at your pay checkstub and see whether your 2011 W-2 matches up with your final checkstub for 2011.

<>If you or any of your dependents attended college or trade school, make certain that you file your tax return before your dependents do...kids too often too file and claim their own exemption without realizing they could cost you hundreds (sometimes thousands) of tax dollars.   If tuition is paid out from your savings or even from student or other loan proceeds, it is best to complete your own and the students' tax returns both with and then without the tuition payment.   Tuition deductions and/or  tax credits and/or refundable tax credits can be quite substantial but vary considerably most commonly due to your levels of taxable income.

<>If you do the tax chores yourself for 2011, you might find it best not to file any earlier than March 16th 2012 after first doing the updates on your over-the-counter tax software.   Reason: No over-the-counter tax software has ever yet been fully tax compliant until March 15th of the following tax year!

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Watch this site beginning in January 2012 for additional tax updates from time to time throughout 2012.

As ever,

Tom Blair