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What You Need to Know for Your 2011 Tax Filing and What's New for 2012

By Bonnie Lee | Fox Business

Tax season is here again! While the filing deadline might be a couple of months away, this month you will receive all required third-party reporting documents: W2s, 1099s for interest and dividends, 1099s for nonemployee compensation if you are an independent contractor, 1099-Bs from your broker reporting proceeds from the sale of stocks and bonds, 1098s from your mortgage holder, K-1s from partnerships, S Corps, estates, and trusts. Hopefully, you've set up a file to store all these documents to make data gathering for tax preparation a snap. If not, now's the time to create one.

Note that the due date for filing this year is April 17. If a tax due date falls on a weekend or a holiday, the next business day becomes the due date. This year April 15 is a Sunday and Monday, April 16 is a federal holiday so the due date falls on Tuesday, April 17. If you are unable to file by the deadline, you may obtain an extension to Oct. 15. Bear in mind that the extension is for filing, not paying. All taxes must be paid by April 17 otherwise you may suffer penalties and interest.

If you pay estimated tax payments throughout the year, the due date for your next quarterly installment for prepayment of 2011 income taxes is Tuesday, Jan. 17. Estimated tax payments for 2012 will be due on April 17, June 15, Sept. 17 and Jan. 15, 2013.

Beginning in 2011, brokerage firms are required to report to the IRS not only proceeds from sales of stocks and mutual funds, but also the cost basis of the investments that are sold. The IRS has designed a new Form 8949 for reporting capital gains and losses. A summary of the information listed on this form is carried over Schedule D. A couple of new columns are added to Form 8949 reporting – one for adjustments to basis (in case your broker has an incorrect figure) and one for coding the transaction to identify the type of sale.

Business mileage rates for 2011 were changed mid-year, so when calculating your mileage for 2011 use the rate of 51 cents per mile for miles driven up to June 30, 2011 and 55 ½ cents per mile from July 1 to Dec. 31.

Mileage rates for 2012 are as follows: 55 ½ cents per mile for business, 23 cents per mile for moving and medical, and 14 cents per mile for charitable purposes.


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Over the past few years, tadalafil two of the fastest-growing cities in the U.S. are Midland and Odessa, a pair of communities separated by a mere 20 miles of interstate roadway deep in the heart of Texas.

These metropolises have not only seen their populations swell to previously unforeseen numbers, but Midland and Odessa also rank first and second, respectively, in terms of economic growth nationwide.

The fact that these two areas have seen this type of expansion is no accident. Growing a city is like growing a business, and growing a business is all about location, location, location. Midland and Odessa have this advantage, as both sit atop the Permian Basin, one of the largest oil reserves in the world.

"The Permian Basin is arguably one of the most, if not the most, important regions when it comes to energy production," says Bradley T. Ewing, a Rawls Professor of Energy Economics at Texas Tech University. "It has the greatest rig count of any basin or region in the world."

The activity that both areas have seen in energy production – and the subsequent population boom each city has undergone as result – is proof that safe and responsible oil and gas production not only lowers energy and fuel costs for consumers, but that it also harvests economic stability, strengthens national security, increases median household incomes, and improves American competitiveness worldwide.

According to a report published by Texas Tech University, the total cumulative production for just the Texas portion of the Permian Basin exceeds 29 billion barrels of oil and approximately 75 trillion cubic feet of natural gas. Much of this production comes courtesy of enormous improvements in technology such as fracturing and horizontal drilling.


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This month at the AADE Meeting one of the presenters provided us with some great facts on Hydraulic Fracturing. He is an Drilling Manager at Aera and was nice enough to have his company send me some information to share in the Newsletter.
Here is a Big THANK YOU to Aera for sharing the following information.

The 2 links below will open a PDF of different Fact Sheets. Please enjoy and share your newfound facts.

WISPA Fact Sheet


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If the round of second-quarter conference calls proved one thing, it was how prospective West Texas' Permian Basin has become. The basin is really two distinct halves, comprising the Midland Basin to the east side, and Delaware Basin to the west, which also creeps into southeast New Mexico. And underneath those two halves are vast numbers of discrete formations, stacked atop one another like pancakes. And an increasing number of those formations are proving to hold a lot of syrup.

To read the rest of this Article click the link

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The US Bureau of Safety and Environmental Enforcement proposed amendments to its regulations governing offshore oil and gas operations in federal waters. It said the proposed rule, site which will appear in the Aug. 22 Federal Register, viagra sale would revise 30 CFR 250 Subpart H, decease Oil and Gas Production Safety Systems, in the regulations to address recent technological advances.

To read the rest of the article click link

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