The 2011 tax changes are coming and for most of us, expect to pay more. It is important to understand and note the income tax changes for 2011 as these changes can have a significant impact on what you receive in a refund or owe as a tax liability. Understanding how tax laws affect you can potentially save (or cost) you hundreds if not thousands of dollars. Many of the tax cuts that were enacted by President Bush in 2001 and 2003 are due to expire, resulting in significant changes in the next year. Here we look at the 2011 income tax changes that may affect your personal finances
in a major way. Read details here.
Flexible health care pre-tax accounts have changed as well. You may no longer deduct over-the-counter medicines or other aids and supplies unless a doctor writes a note stating that the product is medically necessary.
...some over the counter medications previously eligible for reimbursement will no longer be considered qualified as of January 1, 2011 . Read details here
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3 comments:
I wonder if they'll really let those tax cuts expire??
Maybe this was part of the plan to fund health care. It certainly would boost the coffers...a terrible time for these to expire though.
I'm also wondering if they will let those tax cut expire?
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