Our 5 Findings From 2011 Personal Tax Filing Season

Congratulations, it’s almost over ! The official end of regular tax season transpires in just a few hours, and if you are not completely finished yet, click here to see our last post for the forms you may need to file an extension.

Before the information gets cold and thoughts move on to spring, fun, pools and sun, we wanted to give you a few high points we found interesting this season.

  1. AMT (Alternative Minimum Tax) reared its ugly head more frequently this season.
  2. The new tax basis form did not disappoint, and as such there were delays, confusion and frequent redo’s. (Form 8949 Box A, B, C)
  3. Most returns had more documents and greater length, due somewhat to the new tax basis, never the less contributing to bits of confusion as times.
  4. Wash Sales made several cameo appearances, due to market movement, and reporting issues.
  5. It was a stressful season, unlike any for many years before. Through our communication with individuals, professionals, institutions and reporting agencies, IT WAS MORE STRESSFUL, so do not be frustrated if you felt the same !

Bottom line, if you felt a bit more frustration this year, you were not alone. It was rough from all angles.

The good news…It’s almost over !

Have a Great Day!

JK

214-706-4300

www.jkfinancialinc.com

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