Standard Deductions
- $5800 for Single Filers
- $11600 for Married Filing Jointly
Child Tax Credit
- Up to $1,000 per eligible child for taxpayers with an earned income of over $3,000 for 2011
and 2012
Adoption Credit
- Worth a maximum of $13,360 for 2011 returns and up to $12,650 for 2012.
Expanded Earned Income Credit
- Up
to $5,657 of earned income for families with 3 or more qualifying
children through 2012. To be phased out at Adjusted Gross Income of
$48,279.
Expanded Child and Dependent Care Credit
- Maximum amount of qualifying expenses is $3,000 per qualifying dependent or $6,000 for 2 or more qualifying dependents
Home Owners
- Mortgage
insurance premiums paid on a qualified mortgage can be deducted as
mortgage interest for 2011, subject to the taxpayer's adjusted gross
income.
Residential Energy Efficient Property Credit
- Credit
of 30% for expenditures related to larger residential energy
improvements (solar hot water property, geothermal heat pumps and wind
energy property) placed in service before Dec. 31, 2016
- Limit on credit amount removed for solar electric property
- Credit
caps are also eliminated for qualified solar water heating, geothermal
pumps, and small energy property; $500 cap for each half kilowatt of
capacity of the qualified fuel cell property.
Education Credits
- Maximum
credit of $2,500 per student in 2011 and 2012 for tuition, fees and
course materials for the first 4 years of post-secondary education in a
degree certificate. Phased out at adjusted gross income of 80.000 and
higher for single income and 160,000 for married filing jointly.
Mileage for Vehicles Used For Business Purposes or Charity
From January 1st to June 30th 2011, the standard mileage
rates for the use of a vehicle was:
- $0.51 per mile for business miles driven;
- $0.19 per mile driven for medical or moving purposes; and
- $0.14 per mile driven in service to a charitable organization.
From
July 1st to December 31st 2011, the standard mileage rates for
the use of a vehicle was (increased by $0.005 due to increased gas prices):
- $0.555 per mile for business miles driven;
- $0.235 per mile driven for medical or moving purposes; and
- $0.14 per mile driven in service to a charitable organization
Green Vehicle: Plug-in Electric Drive Vehicle Credit
- Credit
ranging from $2,500 to $7,500 for qualified plug-in electric drive
vehicles purchased after Dec. 31, 2009. Vehicle's battery capacity must
be at least 4 kilowatt hours.
Green Vehicle: Plug-In Electric Vehicle Credit
- Up
to $2,500 of the cost of a qualified plug-in electric vehicle placed in
service during the taxable year. Credit applies to purchases made
after Feb. 17, 2009 and before Jan. 1, 2012
Green Vehicle: Alternative Motor Vehicle Credit Plug-in Conversion
- Up
to $4,000; needs to be in service after Feb. 17, 2009 and before Jan. 1,
2012. Can possibly claim even if the vehicle qualified for a previous
hybrid credit
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