IRS Update: Additional Federal Updates for the Coming Filing Season

Below are changes that you should be aware of for the upcoming filing season:

Federal April Due Date

Tuesday, April 17, 2012 will be the Federal April due date for TY 2011 Federal returns. Taxpayers receive an extra day to file this year because of a District of Columbia holiday.

Self Employment Tax Deduction

For TY 2011, the Self Employed Tax Deduction has been revised to reflect an employer’s equivalent portion of self employment (SE) tax. The deduction is now calculated as follows on Schedule SE, line 6:

• Total SE tax is $14,204 or less – 57.51% of SE Tax
• Total SE tax is greater than $14,204 – 50% of SE Tax plus $1,067

Click here to continue reading the entire CrossLink Tax Update which includes detailed information on Self Employed Health Insurance and the Deferral of Reporting Requirement for Merchant Card Information on 2011 Schedules C, E, and F.