Welcome To The 2011 Tax Season!!   This year’s filing season kicks off on January 17th when the IRS will start accepting electronically filed returns and runs through April 17th.  Last minute legislation was passed in December extending several popular tax benefits including the revised Energy Credit, American Opportunity Education Credit, Child Tax Credit and the expanded Earned Income Credit.  The most discussed tax benefit was the Payroll Tax Cut which reduced Social Security taxes last year by 2%.  As of this writing, it has been extended through 2/29/12.  Other highlights are detailed below. Our office will be open for appointments and drop offs starting Monday January 16, 2012.                Monday – Friday                  9:00 am – 6:00 pm                Saturday                              9:00 am – 3:00 pm Please come as prepared as possible so we can process your returns efficiently.  We are pleased that so many of you have found our website www.popetaxservice.com  user-friendly and helpful.  We continue to add new features which we hope you will also find useful. Tax Highlights Capital Gains and Losses - New reporting rules will create more problems than they solve.  New Form 8949 must be completed along with the Schedule D and may require as many as six versions to properly complete your return. The 1099B forms issued by your brokers should now include the basis of securities sold. Mileage Rates For 2011 Business     1/1/11 – 6/30/11     51 cents/mile            7/1/11 – 12/31/11   55.5 cents/mile Medical & moving     1/1/11 – 6/30/11     19 cents/mile            7/1/11 – 12/31/11   23.5 cents/mile Charitable mileage remains the same at 14 cents/mile for the entire year. Estate Tax – It has been reinstated for 2011 with lots of new wrinkles including stepped-up basis and spousal carryover provisions.  Gift tax exclusion remains at $13,000 per year. Electronic Filing - The good news about Electronic Filing is that you can have your money back faster and more conveniently.  Your refund can be direct deposited into your account or mailed as a check and sent directly to your home.  Other options include Electronic Refund Checks printed in our office or Debit Cards loaded with your refund.  Which works best for you? The Bookies Bookkeeping Service, LLC – We offer a wide variety of services for the small business owner, including bill paying, payroll, sales tax, write-up through financial statements, as well as business and financial consulting.   Many Happy Returns,            Karen & Jonathan Eisen, PA, ATP, CFP