Merry Brodie and Bill Nemeth on the show. 2011 Tax Questions Answered. And as usual, providing personal finance advice, real estate advice and consumer advice on the Ilyce Glink Show November 13, 2011 on WSB Radio.
As 2011 winds down, this week’s show was dedicated to giving listeners an opportunity to have their tax questions answered. To help me do that, I welcomed special guests Merry Brodie, owner of several Jackson Hewitt franchises in the Atlanta area, and Bill Nemeth, president of the Georgia Association of Enrolled Agents.
There are a number of changes to the tax code set to be implemented for the 2011 filing season. Among the big ones:
- Federal Estate (Death) Tax – There were zero estate taxes in 2010. That’s about to change for 2011. This year the “death tax” has been reshaped to give a one time, per person $5 million exemption, with a top rate of 35 percent.
- Capital Gains – Without the extension of the Bush tax cuts, this tax would have reverted to 20 percent this year. However instead, they will be capped at a maximum of 15 percent.
- Child Tax Credit – Another reversion averted. In 2011, the child tax credit was supposed to return to $500 from $1,000. Instead the credit remains at $1,000.
Additional information is available at IRS.gov.
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