What's new for tax year 2012

 Standard mileage rates

The rate for business use of your vehicle is increased to 55.5 cents per mile. The rate for use of your vehicle to get medical care or move is increased to 23 cents per mile. The rate of 14 cents per mile for charitable use is unchanged.

Personal exemption increased. 

For tax years beginning in 2012, the personal exemption amount is increased to $3,800. 

Standard deductions

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. Nearly 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

More 2012 tax updates to come!!!!!

IRS Circular 230 Disclosure

Pursuant to the requirements of the Internal Revenue Service Circular 230, we inform you that, to the extent any advice relating to a Federal tax issue is contained in this communication, including in any attachments, it was not written or intended to be used, and cannot be used, for the purpose of (a) avoiding any tax related penalties that may be imposed on you or any other person under the Internal Revenue Code, or (b) promoting, marketing or recommending to another person any transaction or matter addressed in this communication.