Tax benefits of the future are empty promises for those who already have tax problems.
(PRWEB) December 07, 2011
“Like mothers, taxes are often misunderstood, but seldom forgotten.” Lord Bramwell, 19th Century Jurist. The IRS announces that with inflation, 2012 will bring a rise in standard tax reductions and widen tax brackets. This is great news for tax payers, expanding deductions will give Americans more opportunity to save money in taxes owed. This will help with the constant trouble Americans are having with wage garnishments, levies, liens, property seizure, etc.
The value of each personal and dependent exemption, available to most taxpayers, is $3,800, up $100 from 2011. The new standard deduction is $11,900 for married couples filing a joint return, up $300, $5,950 for singles and married individuals filing separately, up $150, and $8,700 for heads of household, up $200. 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 increase for each filing status. For a married couple filing a joint return, for example, the taxable-income threshold separating the 15 percent bracket from the 25 percent bracket is $70,700, up from $69,000 in 2011.
While the future is looking bright for future tax debts, the IRS may forgive but will not forget tax issues of the past. They are buckling down even harder on tax debts still owed, administering wage garnishments, levying bank accounts and placing liens on homes. Tax benefits of the future are empty promises for those who already have tax problems.