February tax season is here. It’s, that fearful tax time of the year when millions of people have to file their 2013 tax returns and are anxiously awaiting refunds or in panic of what they owe the IRS in April.
I just called my Accountants office yesterday to schedule my appointment.
So I thought I would share this information with my readers.
The changes to this year’s taxes will affect everyone from the employed to the semi employed, to the self employed with a 1099 form as well as retired people.
There will be increases in the education and income tax deductions so that means less money in your pocket from the salary that you earn each month.
The Internal Revenue Service also has been doing extra work this year, revising forms to match up with law changes made in the American Taxpayer Relief Act (ATRA) passed earlier this year. But it’s almost done. The agency says it will finish updating all the forms next week.
So how’s filing season going for you? If you’re just now focusing on your return, here are some things to think about.
More people this year are going electronic at tax time. That includes not only e-filing, but paying any taxes you may owe electronically. The IRS’ Electronic Federal Tax Payment System (EFTPS) is a handy option. But if you want to use it to settle your 2013 tax bill (or pay estimated taxes), you need to sign up soon.
The Vernal Equinox arrived March 20. Are you ready for some spring cleaning? Don’t just through out your old things. If it’s in good or fair condition, give it to a local charity. Your can help a local thrift store inventory and you could get a tax deduction. Just remember to get a receipt!
And if April’s warming weather has you worrying about whether your air conditioner will make it through another summer, IRS might be able to help. The tax credit for making your home more energy efficient is back. It expired at the end of 2011, but ATRA renewed it, both for 2012 and retroactively for the 2013 tax return year.
Some tax measures such as increased tax on phone cards were put into effect earlier last year on March 1, 2013. However, a number of new tax measures was effective on April 1, 2013.
So you may ask yourself how will you be affected?
The changes to the taxes will affect everyone from the employed to the semi employed, to the self employed as well as retired persons. There will be tax increases in the education and income tax deductions so that means less money in your pocket from the salary that you earn each month.
People just like me will also have to brace for increases in the taxes they pay. Some others will pay more taxes when they buy property and those who import items under certain situations such as car dealers.
Well if you think you won’t be affected if you own property then the new amendments means you will have to pay more in taxes than you did last year.
Click here for a list of Tax Law Changes
You may ask this question
How can you cope with the increased taxes?
First don’t panic! Like, I did. It will mean a tightening of your budget and maybe putting off of any major purchases such as a new home or car but you can survive. It might also mean that you will have to cut back on any purchases throughout the year that are considered luxury items.
Regardless of how you deal with the new taxes it is vital that you continue to spend your money wisely.
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Call Me @ 770-217-6244 If you have any questions.
My quick question to you is how do you plan to handle
the increase in the taxes you have to pay?
Let me hear from you!
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