Plan your individual income tax strategies for 2011

Description

Abstract: The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 extends many breaks through 2012. This article offers facts about key Tax Relief act changes affecting individuals, and tips for taking advantage of them. It touches upon tax rates, itemized deduction and personal exemption phaseouts, capital gains tax rates, Social Security taxes, education-related tax breaks, and a federal tax credit for all-electric cars. A sidebar discusses a large but temporary boost in the gift tax exemption.