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What are the tax changes I need to know about when filing my individual return for 2012?
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With so many responses I am sure your doubts are cleared now. Thanks for sharing your inputs everybody. This way we need to help each other and also increase the knowledge of the readers.
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Social security stops mailing benefits statement in an effort to reduce costs, the Social Security Administration (SSA) suspended mailing annual benefits statements in April 2011. While the SSA claims that mailings will resume in 2012, paper statements will only be sent out to Americans who are age of 50 and older. Everyone else will have to visit SSA’s Online Retirement Estimator web site to access this information (www.ssa.gov/estimator).
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New form 1099-K, merchant card and third party network payments – Starting in the2011 tax year, new IRS regulations require all businesses that process credit card and electronic payments to send a Form 1099-K to sellers with more than: 1) 200 transactions & 2) $20,000 gross income paid to them. However, in the late minute, the IRS decided not to require tax payer reporting of the information in 2011. There is also a withholding requirement starting in the 2013 tax year. Similar to the requirement of other 1099 forms, the 1099-K imposes 28% federal withholding when a tax identification number (TIN) has not been provided to the third party (PayPal, Amazon).
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Cost-basis reporting by brokers – If you are an investor, the IRS will receive a revised Form 1099-B from your broker that now records the basis of transactions during the year. You should also receive a copy of that form. The IRS will check to see that this information matches the basis reported on your return. Additionally, these transactions will now be reported on the new Form 8949, rather than directly on Schedule D.
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The short answer is not many. While congress did little this year to change any tax code. The real issue will be if what was called in the past the "Bush Extender" will be extended again for 2012 filing.
Also the 2 month extension of the FICA tax till Feb28th to end or get extended will have some major concerns for high AGI employees or employees that get high pay during the first quarter that even thru out the year.
No not much for 2011 filing, but watch out for 2012. It will be a rocky season. Plan on congress to make no changes or very wild changes during the lame duck session.
Also the 2 month extension of the FICA tax till Feb28th to end or get extended will have some major concerns for high AGI employees or employees that get high pay during the first quarter that even thru out the year.
No not much for 2011 filing, but watch out for 2012. It will be a rocky season. Plan on congress to make no changes or very wild changes during the lame duck session.
