Tax season is upon us and in a couple weeks employers will mail those W-2s so we can give back, or maybe get a little from Uncle Sam. Tax professionals share some new or existing tax codes filers might want to be aware of. The first step is to prepare, H & R Block manager, Larry Carpenter said it is really important for tax payers to bring in all documentation. Bring everything with them, thats one of the biggest problems, people dont bring all their W-2s or all their 1099s, if they own their own business will bring income and not expenditures. We need to bring everything, said Area Manager, Larry Carpenter. Now, that tax payers know to bring in everything, heres some good news for Texas, tax credits Congress was expected to cut will be around at least another year. The exemptions or the tax credits, like the earned income tax credit, the child tax credit all those things were extended, they are all in and they were approved. The education credits, those were all approved for this year, according to Carpenter. Tax payers who didnt work this tax year, most likely wont pay an Affortable Care Act penalty. According the H & R Block Area Manager, theres tax credits available so like if you went through the marketplace, the national marketplace to get your insurance theres some tax credits that are available that theyll pay a percent of your insurance. Another interesting point Carpenter mentions, tax payers really should avoid filing online. He says, professionals can help filers find more deductions.
Posted on: Fri, 09 Jan 2015 23:29:36 +0000
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