Turbo Tax 2012 is a complete tax program that is updated with the latest tax changes made by the IRS. When you use TurboTax, you can be assured that you will get the largest refund possible.
There is no need to worry, TurboTax 2012 will automatically fill out all the right tax forms for you.
The government has designed several tax changes that are to be implemented over the next few years. The changes that are to be phased in can affect you in many ways depending on your long term goals. The following are tax law changes you can expect in 2011. However the following topics will also be up for debate in congress over the next year.
Higher Income Tax
- Tax rates that were in effect before 2001 are to return.
- The special low 10% tax will be eliminated.
- Revived Estate Tax
The tax will return to $1,000,000 and a 50% maximum tax rate.
- Increase in Capital Gains and Divided Taxes
- Long-term capital gains will no longer be tax free, the tax rate for capital gains will go back to 20% instead of 15%.
- Dividends will be taxes as ordinary income.
- May be reduced from $1,000 back to $500 per eligible child.
- To be eligible your income must be under $12,550.
College Savings Plan
- The Hope Credit for tuition is reverted back to only being available for the first 2 years and a maximum of $1,800.
- There are more changes to be phased in through 2017. However, remember that each year Congress will review and evaluate the changes to be implemented for the upcoming year.
Try TurboTax 2012 this year when it's time to prepare and file your taxes!