Delays in Filing Until mid to late Feb

[Pacun]

Democrats should be at fault. But I would also blame the IRS because they should have had the software ready the way they released it last year since not much was going to change. This is the first year I see that the tax table, the standard deduction and the personal exemptions are the same as the previous year. If they didn't wait to the last minute, they could be almost ready now.

In any event, if they were ready based on last year's form releases, the changes could be incorporated with no much software programming effort. Most of the new changes are for companies anyways.

[Catherine]

Democrats should be at fault. But I would also blame the IRS because they should have had the software ready the way they released it last year since not much was going to change. This is the first year I see that the tax table, the standard deduction and the personal exemptions are the same as the previous year. If they didn't wait to the last minute, they could be almost ready now.

In any event, if they were ready based on last year's form releases, the changes could be incorporated with no much software programming effort. Most of the new changes are for companies anyways.

Let's go back to basics, folks.

The blame rests squarely with the Wilson administration and its' co-conspirators in Congress at the time, who wrote and then pushed hard for the ratification of the 16th Amendment. The income tax, according to Wilson & Congress, would only apply to the extremely rich, and only at rates of 4%. Of course, once it was legal, in just a few years the rates skyrocketed to 70% and the citizens caught in its' web became durned near everyone.

And it gave the Federal government its' first big hit of spendable cash, to which they are now addicted. And like most addicts, they don't care where their next fix comes from or who gets hurt by them in the acquisition. Unlike most addicts, they can create their own drug - and leave us with the pain of a) enforcing their rules, and b ) becoming enslaved to the government in perpetuity to pay for their insatiable spending.

Now, how's _that_ for getting the conversation roiling, chuck?

[Pacun]

Let's go back to basics, folks.

The blame rests squarely with the Wilson administration and its' co-conspirators in Congress at the time, who wrote and then pushed hard for the ratification of the 16th Amendment. The income tax, according to Wilson & Congress, would only apply to the extremely rich, and only at rates of 4%. Of course, once it was legal, in just a few years the rates skyrocketed to 70% and the citizens caught in its' web became durned near everyone.

And it gave the Federal government its' first big hit of spendable cash, to which they are now addicted. And like most addicts, they don't care where their next fix comes from or who gets hurt by them in the acquisition. Unlike most addicts, they can create their own drug - and leave us with the pain of a) enforcing their rules, and b ) becoming enslaved to the government in perpetuity to pay for their insatiable spending.

Now, how's _that_ for getting the conversation roiling, chuck?

Good points.

I tried to bring the subject back to Taxes by writing only one political sentence and going back to how the IRS is not ready because they didn't anticipate anything.

It is funny how we elect these people because they promise to cut government spending and as you said, they get addicted.

[Karen Lee]

Democrats should be at fault. But I would also blame the IRS because they should have had the software ready the way they released it last year since not much was going to change. This is the first year I see that the tax table, the standard deduction and the personal exemptions are the same as the previous year. If they didn't wait to the last minute, they could be almost ready now.

In any event, if they were ready based on last year's form releases, the changes could be incorporated with no much software programming effort. Most of the new changes are for companies anyways.

You must have missed something:

Inflation Adjusted Exemptions and Deductions

Personal exemptions and standard deductions for tax year 2011 were released by the IRS. These inflation adjustments relate to eight tax provisions that were either modified or extended by the Tax Relief Act. Some of the adjustments include:

The value of each personal and dependent exemption available to most taxpayers is $3,700, a $50 increase from 2010.

The new standard deduction is $11,600 for married couples filing a joint return, a $200 increase; $5,800 for singles and married individuals filing separately, a $100 increase; and $8,500 for heads of household, a $100 increase. The additional standard deduction for blind people and senior citizens is $1,150 for married individuals and $1,450 for singles and heads of household, each an increase of $50. Nearly two out of three taxpayers take the standard deduction, rather than itemizing deductions, such as mortgage interest, charitable contributions and state and local taxes.

Tax-bracket thresholds increase for each filing status. For a married couple filing a joint return, for example, the taxable-income threshold separating the 15-percent bracket from the 25-percent bracket is $69,000, up from $68,000 in 2010.

The maximum earned income tax credit (EITC) for low- and moderate- income workers and working families rises to $5,751, up from $5,666 in 2010. The maximum income limit for the EITC rises to $49,078, up from $48,362 in 2010. The credit varies by family size, filing status and other factors, with the maximum credit going to joint filers with three or more qualifying children.

The modified adjusted gross income threshold at which the lifetime learning credit begins to phase out is $102,000 for joint filers, up from $100,000, and $51,000 for singles and heads of household, up from $50,000.

[TAXBILLY]

You must have missed something:

Inflation Adjusted Exemptions and Deductions

Personal exemptions and standard deductions for tax year 2011 were released by the IRS. These inflation adjustments relate to eight tax provisions that were either modified or extended by the Tax Relief Act. Some of the adjustments include:

The value of each personal and dependent exemption available to most taxpayers is $3,700, a $50 increase from 2010.

The new standard deduction is $11,600 for married couples filing a joint return, a $200 increase; $5,800 for singles and married individuals filing separately, a $100 increase; and $8,500 for heads of household, a $100 increase. The additional standard deduction for blind people and senior citizens is $1,150 for married individuals and $1,450 for singles and heads of household, each an increase of $50. Nearly two out of three taxpayers take the standard deduction, rather than itemizing deductions, such as mortgage interest, charitable contributions and state and local taxes.

Tax-bracket thresholds increase for each filing status. For a married couple filing a joint return, for example, the taxable-income threshold separating the 15-percent bracket from the 25-percent bracket is $69,000, up from $68,000 in 2010.

The maximum earned income tax credit (EITC) for low- and moderate- income workers and working families rises to $5,751, up from $5,666 in 2010. The maximum income limit for the EITC rises to $49,078, up from $48,362 in 2010. The credit varies by family size, filing status and other factors, with the maximum credit going to joint filers with three or more qualifying children.

The modified adjusted gross income threshold at which the lifetime learning credit begins to phase out is $102,000 for joint filers, up from $100,000, and $51,000 for singles and heads of household, up from $50,000.

Pacun is correct. There were no changes for 2010 returns.

taxbilly

[Pacun]

about 4 hours ago, I read the email below from NATP. I have checked the 2010 1040 form from the IRS and it doesn't have any of the changes that NATP is talking about below. (I have not seen any mention of this before today ANYWHERE)

This is from IRS: (As we speak)

Form

1040 Department of the Treasury—Internal Revenue Service

U.S. Individual Income Tax Return 2010

42 Exemptions. Multiply $3,650 by the number on line 6d . . . . . . . . . . . . 42

This is from NATP

Inflation Adjusted Exemptions and Deductions

Personal exemptions and standard deductions for tax year 2011 were released by the IRS. These inflation adjustments relate to eight tax provisions that were either modified or extended by the Tax Relief Act. Some of the adjustments include:

The value of each personal and dependent exemption available to most taxpayers is $3,700, a $50 increase from 2010.

The new standard deduction is $11,600 for married couples filing a joint return, a $200 increase; $5,800 for singles and married individuals filing separately, a $100 increase; and $8,500 for heads of household, a $100 increase. The additional standard deduction for blind people and senior citizens is $1,150 for married individuals and $1,450 for singles and heads of household, each an increase of $50. Nearly two out of three taxpayers take the standard deduction, rather than itemizing deductions, such as mortgage interest, charitable contributions and state and local taxes.

Tax-bracket thresholds increase for each filing status. For a married couple filing a joint return, for example, the taxable-income threshold separating the 15-percent bracket from the 25-percent bracket is $69,000, up from $68,000 in 2010.

The maximum earned income tax credit (EITC) for low- and moderate- income workers and working families rises to $5,751, up from $5,666 in 2010. The maximum income limit for the EITC rises to $49,078, up from $48,362 in 2010. The credit varies by family size, filing status and other factors, with the maximum credit going to joint filers with three or more qualifying children.

The modified adjusted gross income threshold at which the lifetime learning credit begins to phase out is $102,000 for joint filers, up from $100,000, and $51,000 for singles and heads of household, up from $50,000.

[Karen Lee]

about 4 hours ago, I read the email below from NATP. I have checked the 2010 1040 form from the IRS and it doesn't have any of the changes that NATP is talking about below. (I have not seen any mention of this before today ANYWHERE)

This is from IRS: (As we speak)

Form

1040 Department of the Treasury—Internal Revenue Service

U.S. Individual Income Tax Return 2010

42 Exemptions. Multiply $3,650 by the number on line 6d . . . . . . . . . . . . 42

This is from NATP

Inflation Adjusted Exemptions and Deductions

Personal exemptions and standard deductions for tax year 2011 were released by the IRS. These inflation adjustments relate to eight tax provisions that were either modified or extended by the Tax Relief Act. Some of the adjustments include:

The value of each personal and dependent exemption available to most taxpayers is $3,700, a $50 increase from 2010.

The new standard deduction is $11,600 for married couples filing a joint return, a $200 increase; $5,800 for singles and married individuals filing separately, a $100 increase; and $8,500 for heads of household, a $100 increase. The additional standard deduction for blind people and senior citizens is $1,150 for married individuals and $1,450 for singles and heads of household, each an increase of $50. Nearly two out of three taxpayers take the standard deduction, rather than itemizing deductions, such as mortgage interest, charitable contributions and state and local taxes.

Tax-bracket thresholds increase for each filing status. For a married couple filing a joint return, for example, the taxable-income threshold separating the 15-percent bracket from the 25-percent bracket is $69,000, up from $68,000 in 2010.

The maximum earned income tax credit (EITC) for low- and moderate- income workers and working families rises to $5,751, up from $5,666 in 2010. The maximum income limit for the EITC rises to $49,078, up from $48,362 in 2010. The credit varies by family size, filing status and other factors, with the maximum credit going to joint filers with three or more qualifying children.

The modified adjusted gross income threshold at which the lifetime learning credit begins to phase out is $102,000 for joint filers, up from $100,000, and $51,000 for singles and heads of household, up from $50,000.

Now that I look at it closer...the NATP article says TAX YEAR 2011...therefore I was wrong and I apologize. But am glad that I have it straightened out now.

[GeneInAlabama]

Since we are always working a year behind I stay confused all the time as to what year it is.