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Good News from the IRS!

November 11, 2011

The Internal Revenue Service has recently announced some happy news for taxpayers for the 2011 tax year. Due to inflation, tax brackets will broaden, standard deductions will expand and personal exemptions will rise. All of these changes have been made to keep pace with inflation. Here are the changes:

Personal and dependent exemption values increase to $3,800 (up by $100)
The standard deduction for Married Filing Jointly increases to $11,900 (up $300); to $5,905 for single and Married Filing Separate returns (up $150); and to $8,700 for Head of Household filers (up $200).
Tax bracket thresholds have also increased for each filing status.

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* A Refund Anticipation Loan (RAL) is a loan secured by your tax refund and is offered by Republic Bank & Trust Company to qualifying applicants, and is available to Electronic Refund Check or Deposit (ERC or ERD) customers. If approved for a RAL, a Finance Charge and Credit Investigation Fee will apply. RAL proceeds are available within 24 hours of IRS acceptance. A Tax Refund Administration Fee and other fees may apply for the ERC or ERD, and will be deducted from the customer’s tax refund. Visit your tax preparer to learn about all filing and product options, including obtaining your refund without a loan and at no additional cost. **Special expires 5/2/12.