Posts Tagged ‘tax exemptions’

Exemptions and Deductions for 2011

Tuesday, May 3rd, 2011
With the 2010 tax filing deadline behind us, it’s time to plan for 2011.The standard and itemized deductions for 2011 are as follows:

Standard Deduction for 2011:

  • $5,800 for unmarried taxpayers or married taxpayers filing separately
  • $11,600 for married taxpayers filing jointly or qualifying widow(er)
  • $8,500 for taxpayers filing as head of household

Personal Exemption for 2011:

The personal exemption amount is $3,700 (up from $3,650 in 2010).

Remember that there’s a temporary repeal of the standard deduction and personal exemption income limit phaseout until 2012. This means that all taxpayers will receive the full deduction and exemption amounts. Give us a call if you have questions about this.

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Payroll Tax Holiday – New Details on 2010 HIRE Act

Wednesday, August 11th, 2010
Linda Chiappone, Senior Tax Manager 
In March, the President signed into law the “Hiring Incentives to Restore Employment Act of 2010” (the 2010 HIRE Act), the centerpiece of which is a payroll tax holiday and up-to-$1,000 tax credit for businesses that hire unemployed workers. Here’s an overview of these new hiring incentives and some new details that carry important guidance on these new payroll tax breaks.   (more…)

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