Remember, appointment time is limited! The earlier you drop off or mail your information in, the quicker we can get it back to you. If you prefer an appointment, please call as soon as possible! 586-752-6000




DISCLOSURE OF FOREIGN FINANCIAL ASSETS
If you have investments in foreign bank accounts, stocks, foreign real estate, or other foreign income producing assets, you may have to file Form TD F 90-22.1 with the Internal Revenue Service. Though this is not a new law, the Government has cracked down and penalties are severe for failure to comply. If you have these assets please consult with us about filing requirements and their limitations.

ENERGY CREDITS
There are still some energy credits available for 2011, however, the regulations have reverted back to the 2007 tax law. The maximum credit is $500 but must be reduced by any energy credits you have taken in 2006-2010.

HSA'S AND MSA'S
Starting in 2011, the penalty for nonqualified withdrawals from Health Saving's and Medical Saving's Accounts has increased to 20%. Nonqualified withdrawals are distributions before the owner turns age 65 that are not used for qualified medical expenses. Over the counter medications are no longer "qualified" medical expenses unless prescribed by a Doctor.

PAYMENT FOR YOUR TAX RETURN IS DUE UPON COMPLETION OF THE RETURN!!!!!!

FYI: A Few Facts & Figures Mileage Rates: Business Jan-Jun Jul-Dec Charitable Medical Jan-Jun Jul-Dec 2011 51.0 55.5 14.0 19.0 23.5 2012 55.5 55.5 14.0 23.0 23.0 Child Tax Credit (subject to income limitations) $1,000 $1,000

Exemptions & Deductions 2010 2011 2012 Personal Exemptions $3,650 $3,700 $3,800 Standard Deductions (MFJ) $11,400 $11,600 $11,900 Standard Deductions (SNGL) $5,700 $5,800 $5,950 Standard Deductions (HOH) $8,400 $8,500 $8,700 Standard Deductions (MPS) $5,700 $5,800 $5,950