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H&R Block 2011 and Tax
Law Changes
Lots of tax changes coming in 2011,
but rest assured
HR Block 2011
will be ready for them.
Tax increases will hit businesses and
individuals alike, so don't think you
wont feel it.
Assuming the economy is growing
steadily, figure on tax increases taking
effect in 2011. Reducing the deficit will become
the top priority.
Probable hikes for individuals include:
- Boosts in top marginal rates from 33%
and 35% to 36% and 39.6%.
- Higher rates on capital gains and
dividends, for those in the top
brackets.
- Caps on itemized deductions for top
earners.
- Estate tax exemption
changes of at least $3.5 to $5
million.
- More easing of the alternative
minimum tax, but no repeal.
Business hikes and cuts
may include:
- Higher SECA taxes for owners of S firms
and partnerships by blocking compensation as dividends
instead of salary.
- Restrictions on worker
classification that treat
workers as contractors who are really
employees.
- Elimination of some tax breaks for
big corporations, including the
deduction for domestic production,
accelerated depreciation and incentives
for foreign income and oil production.
H&R Block
TaxCut 2011 will be one of the
best ways to ensure your taking
advantage of any breaks available to you
in your tax situation.
Expect
longer term, tax hikes to go even
further and hit more people and
businesses. The only other option is
deep cuts in spending, including Social
Security, Medicare and defense.
Lumping together
income, excise, payroll and other taxes,
with the average rate paid today of 21¢ on
every dollar of income, according to a
prior years analysis. For the
top 20% of taxpayers, the average rate
is higher at 26¢.
With all the changes
that have to take place due to the
budget deficit it's hard to get a grip
on all you need to know without some
form of help. That's why using tax
software like
H&R Block At
Home 2011 will be more important
than ever. Ensuring you have the proper
tools to take advantage of any
deductions available is no doubt going
to put you in the drivers seat. This in
tern will enable you to get the most out
of your return which includes the
biggest refund possible!
Don't leave it to
chance, time is money, just like not
taking the time to purchase the right
software for your taxes will cost you
money.
It's all about knowing
when and where you can save, and that's
what H&R Block 2011 will help you do,
for you, and your family!
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