 |
|
2011 TAX FACTS
- For 2011, the standard deduction is $5,800 for single individuals and to $11,600 for married couples. You'll benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include medical expenses (over 7.5% of AGI), state and local income taxes (or sales taxes), real estate taxes, mortgage interest, charitable contributions, and unreimbursed employee business expenses.
- For 2011, the personal exemption is $3,700. You'll claim a personal exemption for yourself, your spouse, and each of your dependents.
- The maximum earnings subject to social security taxes for 2011 is $106,800.
- The standard mileage rate will be $.51 per business mile for 2011, down from .50 per business mile in 2010.
- The maximum annual contribution into a 401(k) plan or a 403(b) plan is $16,500 in 2011. And if you're 50 or older by December 31, 2011 you can contribute an extra $5,500 into your 401(k) or 403(b) account this year through salary deferrals.
- The maximum contribution into an IRA is $5,000 per individual for 2011. And if you're 50 or older, you can contribute an extra an extra $1,000 for 2011. You have until April 15, 2012 to contribute to your IRA for 2011.
|
|
         |
|
