Changes impacting your taxes and this year’s refund from Uncle Sam

In the way of tax legislation, 2011 was a relatively quiet year. However, that doesn’t mean there aren’t tax law changes that will affect this year’s tax returns.“The changes enacted at the end of 2010 will still impact this year’s and next year’s federal tax returns,” says TaxACT spokesperson, Jessi Dolmage.

To help you maximize your refund, here are some tax law changes you should know about before filing this year’s return.

* Your federal return must be filed by Tuesday, April 17, 2012. April 15 is a Sunday and Washington, D.C., is recognizing Emancipation Day April 16. Don’t use the extended deadline as an excuse to procrastinate, though.

* Amounts for standard mileage, standard deductions, personal exemptions and the Alternative Minimum Tax have increased. Note there are different standard mileage rates for miles driven before July 1 and after June 30. Details about all increases are in IRS Publication 17 at www.irs.gov.

When choosing a tax preparation solution, especially free products, Dolmage warns you to carefully weigh your options. “TaxACT Free Federal Edition covers all 1040 returns, but other free programs are only for 1040EZ returns, sometimes referred to as ‘simple returns’. The nearly nine out of 10 taxpayers who have more complex returns don’t qualify for those.”“Trusted solutions like TaxACT navigate all the tax law changes for you to help maximize your refund, file a return that’s 100 percent accurate and provide help when you need it,” says Dolmage. (ARA)