Tax law changes to be aware of for 2012 returns and beyond - FOX 26 News | MyFoxHouston

Tax law changes to be aware of for 2012 returns and beyond

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HOUSTON (FOX 26) -

While many of us were bringing in the new year, Congress was drafting legislation that affects the tax return that you are getting ready to file.

Certified Public Accountant Bob Martin presents the following tax law changes that will be affecting your current tax refund:

- Standard deduction is higher

- Personal exemption is higher

- Standard mileage rate is higher

- Capital gains & dividends 15 percent

- Education deductions & credits

- Sales tax deduction survived

- Alternative minimum tax patch is permanent

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