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Changes For The 2012 Tax Season

January 18th

This year might be the last for consumers and homeowners to talk advantage of a few key tax deductions. Because tax deductions are the main source for lowering tax liability, many taxpayers may find that they owe the IRS come next year. A look at these changes to the 2012 tax code reveals some interesting changes that could affect whether you will carry a tax debt next year or not.

Tax Deductions

Many of the changes to be implemented for the 2012 tax season are taxpayer friendly. The bulk of the changes are offering an increase in deductions to account for the cost of inflation. For example, the personal and dependent exemptions will increase by $100 to a total of $3,800. Standard deductions for all categories will increase by $100-300. Retirement account plan limits will be boosted to $17,000, up from $16,500. Tax bracket thresholds will also be pushed a bit higher to allow for more Americans to qualify for the more affordable middle class bracket.

However, not all of the changes will be taken favorably by many consumers. There will be an increase in the income phase out level for married couples claiming their student loan interest as a tax deduction, making it harder for people paying high interest to qualify for this deduction. One of the most discussed deduction cuts is to mortgage insurance premiums , which will not be eligible to be claimed for a deduction starting in 2012 unless Congress reinstates the deduction before the end of the year.




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