STANDARD DEDUCTION.  The standard deduction amounts for 2011 ae $11,600 for married individuals filing jointly (and surviving spouses),  $8,500 for heads of households, and $5,800 for unmarried individuals nad married individuals filing separetly.  An increase in the standard deduction may also be claimedin 2011 for motor vehicle sales and excise taxes and net disaster losses.

ITEMIZED DEDUCTIONS.  The amount of itemized deductions claimed in 2011 is not subject to phaseout for high-income taxpayers.

EXEMPTIONS.  The amount of a personal exemption, and of each dependency exemption, claimed in 2011 is $3,700.  The exemption deduction is not subjexct ot phaseout in 2011 for high-income taxpayers.

ROTH IRAs.  The modified AGI and filing status requirements for conversions of a traditional IRA to a Roth IRA were eliminated for 2010.  An amount that would be included in income during the year due to a conversion may be included ratably in income in 2011 and 2012 unless the taxpayer elects to include the entire amount in income in 2010.

HOMEBUYER CREDIT.  The first-time homebuyer credit, which is generally unavailable after 2010, is extended for any individual who serves on qualified official extended duty service outside the United States for at least 90 days during the period beginning after December 31, 2008, and ending before May 1, 2010, and, if married, such individual's spouse.

DUE DATE FOR RETURNS.  The due date for filing Form 1040 or form 4868 for the 2011 tax year is Tuesday, April 17, 2012, due to a legal holiday in Washington D.C.  The due date for a calendar-year taxpayer, who have filed for an extension to file Form 1040 is Monday, October 15, 2012.

To make an appointment with one of our qualified tax preparers go to:  www.vqrginc.com and book an appointment or call:  818.547.0497 Ext 3