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Personal income tax year end reminders: 2011 Federal and Michigan tax credits—last chance!

Federal tax credits for energy improvements to your home are still available; however, this is the final year.  The total credits you may have taken in prior years (since 2005) will be a limiting factor so you need to get the facts before committing to these upgrades or replacements.  More details about which items qualify for the credit can be found here [1].    

Also, Michigan’s tax overhaul will allow certain special credits one last time in 2011; these have been repealed beginning with the 2012 tax year so this will be your last opportunity to benefit from the following :

                –city income tax credits

                –public contributions (tv, radio, museums, etc.)

                –donations to homeless shelters, foodbanks, community foundations

                –medical savings accounts

                –Family Development Program donations

                –automobile donations

                –college tuition and fees credits

                –historic rehabilitation plans certified after 2011

                –excess adoption expense credit

                –stillbirth credit

Michigan will have additional tax changes that will be addressed in future posts.  Please feel free to contact us [2] should you need any further information.