Tuesday, January 8, 2013

Teacher Moment Tuesday-Tax Season

Based on an article I read from Forbes today, The Internal Revenue Service will not take tax returns until January 30. Because of the recent tax law changes about 20 million people will have to wait until late February or until March.

Those who has to wait include:
- Revised  $300 energy-efficient home improvements tax credit (Form 5695)
- Depreciation of property (Form 4562)
- General business credits (Form 3800)
*These forms have to be updated because of the new law

Useful Tip from IRS
** For the speediest refund, you should e-file and include direct deposit information so your money will be in your back account.

My personal opinion
Be careful who you let prepare your taxes. Make sure you are aware of the fees associated with receiving a loan from different tax places. If you can get your taxes prepared for free take advantage of it. Respect your tax professional this tax season.

No comments:

Post a Comment

Thanks for the feedback Glamour Girls!