I’m not on the air this first day of the New Year, but as it’s 2012, we decided to run a show broadcast earlier in the week regarding tax law changes. The season is officially here!
If you are interested in your taxes, here are a few of the Tax law changes for 2012. Guests Merry Brodie, an Enrolled Agent and owner of several Jackson Hewitt Franchises in the Atlanta area, and Bill Nemeth, an Enrolled Agent who is president of the Georgia Association of Enrolled Agents, talk with my callers and I about filing taxes, tax deductions and other important information for the coming tax year. And as usual, providing personal finance advice, real estate advice and consumer advice with Ilyce Glink on the Clark Howard Show December 28, 2011 on WSB Radio.
Here’s a sample of what you need to know before filing your taxes in 2012:
- The Payroll Tax holiday has been extended through February 2012 – Negotiations in Congress were certainly tense but a temporary deal was reached. Dan Pfeiffer, the White House communications director, called the compromise “an important step towards enacting a key provision of the President’s American Jobs Act and a significant victory for the American people and the economy.”
- As it has been since the 2009 tax filing year, the Child Tax Credit threshold is reduced to $3,000.
- Parents may also take advantage of an expanded Earned Income Credit for up to 3 children.
- This will be the fourth year that taxpayers can claim an American Opportunity Credit. This credit allows a tax deduction for tuition and certain fees related to higher education up to $2500 per student.
When it comes to tax law changes, there are always a few (or more) new guidelines issued each year. On this edition of Ilyce Glink on the Clark Howard Show, we give you the information you need in advance of the tax season.
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