Are there any new tax credits for filing taxes for 2011?
The new tax credits for filing taxes for 2011 state that the maximum earned income tax credit (EITC) for low- and moderate- income workers and working families rises to $5,891, up from $5,751 in 2011. The value of each personal and dependent exemption, available to most taxpayers, is $3,800, up $100 from 2011. Please confirm with a CPA. ChaCha.
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About Income Tax
The Income Tax is a tax imposed by the Federal, most states and local governments. The income tax is determined by applying a tax rate to an income bracket. In 2011, taxes are due on April 15th.
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