Changing Tax Laws-Finally, a Little Certainty

The last few tax years have been filled with uncertainty as late changing tax laws, impacting the majority of taxpayers, were passed by Congress. Thankfully, 2011 has many of these tax laws already established. Key among them are:

  • The Child Tax Credit remains at $1,000.
  • The Alternative Minimum Tax (AMT) higher exclusion patch is all set for 2011. This patch saves an estimated 21 million taxpayers a higher tax bill.
  • Qualified teachers may continue to deduct up to $250 of out-of-pocket classroom expenses.
  • You may continue to take the sales tax deduction as an itemized deduction instead of deducting state income taxes.