Tax Tips of the Week: January 21, 2013Tax Tips of the Week: January 21, 2013 For the upcoming tax season, Perry Webb, of local accounting firm, Webtax, will be offering answers to some of the most frequently asked questions related to tax time. Perry Webb is an enrolled agent licensed to practice before the Internal Revenue Service, and a Registered Tax Return Preparer. Q: WHEN CAN I START FILING THIS YEAR?
A. The IRS recently announced that following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), they plan on opening the 2013 filing season and begin processing individual income tax returns on Jan. 30. They will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems.
Q. WHO CAN’T FILE UNTIL LATER?
A. There are several forms affected by the late legislation that require more extensive programming and testing of IRS systems. The IRS hopes to begin accepting tax returns including these tax forms between late February and into March; a specific date will be announced in the near future. The key forms that require more extensive programming changes include Form 5695 (Residential Energy Credits), Form 4562 (Depreciation and Amortization) and Form 3800 (General Business Credit). A full listing of the forms that won’t be accepted until later is available on IRS.gov.
Q: WHO MUST FILE?
A: Whether you must file a return depends on your gross income, filing status, and age. It doesn't matter whether you're filing taxes online or by mail. Even if you are not required to file a tax return, you should if you are eligible to receive a tax refund. You should file if any of the following are true:
• You had income tax withheld from your pay.
• You made estimated tax payments or had a prior year overpayment applied to this year's tax.
• You qualify for the American Opportunity Credit.
• You are repaying the First-time Homebuyer credit.
• You qualify for a refundable credit for paying alternative minimum tax in a prior year.
• You qualify for the Earned Income Credit.
• You qualify for the Adoption Credit.
• You qualify for the Additional Child Tax Credit.
• You qualify for the Health Coverage Tax Credit.
• You qualify for a credit for federal fuel tax.
For more details please visit: http://www.1040.com/federal-taxes/filing-basics/who-must-file/
Webtax is a tax specialist and accounting company with 13 offices in and around the Charlotte area. Webtax is family owned and operated, providing the same great service today as they did when they opened their doors over 50 years ago. To learn more visit http://prep.1040.com/webtax or call 704-568-6421.
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