New Tax Laws and Changes for 2012 tax Season (file by April15 2013)

We're keeping track of all the tax law changes so you don't have to. Below are key changes for 2012 federal returns (due April 15, 2013) to date. We'll update this page as new tax laws are passed.

Today the IRS announced that several new changes would be in effect for tax year 2012. These changes were made due to inflation and will have an impact on nearly every taxpayer in the country. An increase in 401k contributions and personal exemptions are just two of the many changes scheduled for next year. Changes for tax year 2012 include: Personal and dependent exemptions will increase by $100 to $3,800 Standard deductions have increased in all categories including a $300 increase for married couples filing jointly An increase in tax-bracket thresholds The maximum earned income tax credit will increase to $5,891 from $5,751 An increase in the income phase out level for married couples that pay student loan interest A complete list of all of the changes can be found by visiting the IRS.gov website: In 2012, Many Tax Benefits Increase Due to Inflation Adjustments . The IRS also announced an increase in the contribution limit for certain retirement accounts. In 2012, the new limit will be $17,000 per year, up from $16,500 in 2011. This new limit applies to 401(k)s, 403(b)s, the government’s Thrift Savings Plan and some 457 plans. Other changes were also made to pension plans including an increase in the phase out range for Roth IRA Contributions. In 2011, married couples filing jointly that made more than $179,000 were not eligible to make Roth IRA contributions. This limit will be increased to $183,000 in 2012. For more information on the IRS changes to retirement and pension plans, read the release: IRS Announces Pension Plan Limitations for 2012 .

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Identity Theft Scams

The IRS has issued several consumer warnings about the fraudulent use of the IRS name or logo by scamsters trying to gain access to consumers’ financial information in order to steal their identity and assets. Scamsters will use the regular mail, telephone, fax or email to set up their victims. When identity theft takes place over the Internet (email), it is called phishing.
The IRS does not initiate taxpayer communications through email. Unsolicited email claiming to be from the IRS, or from an IRS-related component such as EFTPS, should be reported to the IRS at phishing@irs.gov.
Additionally, clicking on attachments to or links within an unsolicited email claiming to come from the IRS may download a malicous computer virus onto your computer.
Learn more about identity theft.
Learn how to protect your personal information.
You can always get additional assistance by calling A Merika Tax, Financial and ID Theft Protection
at:  216-744-8697