income tax business El Paso, TX
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An estimated 18 million taxpayers are expected to file their tax returns in January. If the process is started early, you may be in line for an early refund, so gather up all your documents, including your past three returns, your W-2 and 1099 forms, mortgage information, education expenses and information regarding any new life developments during the past year, and visit your tax preparation office to assist you with your 2013 federal tax filing.

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NEW TAX LAWS

Changes in the federal tax code provides new opportunities for earned income credit this tax year, although the restrictions for qualification have been tightened considerably. It is important for taxpayers to be very clear regarding their earned income status and what is required to qualify for earned income credit, as failure to meet federal regulations may result in fines.

Tax Preparation

For the typical tax payer in America, the tax season, starting 1st January of every year, heralds in 100 days of frantic form completion, searches for misplaced cash receipts, and form submissions in order to meet the deadline of April 15th (unless it falls on a weekend, in which case a two day extension will be granted). Employers have to provide workers with W-2 forms by the 31st January, at which time the Internal Revenue Service starts processing tax returns. Most taxpayers make use of professional tax preparation offices to for assistance with the completion and submission of their federal tax filings. Due to complications caused by the federal shutdown recently, the start of the tax filing season will be postponed for a couple of weeks this year, which could delay tax refunds, but will not affect the deadline of 15 April. This is a good time for taxpayers to start preparing their documentation for tax filing. At the beginning of each new year it is important to review the past year for any changes that have occurred that may be translated into tax savings, such as education deductions and credits, child care and earned income tax credits. These tax breaks could earn taxpayers thousands in refunds. The following are some important life changes during the past year that you may have overlooked, which, if included in your income tax return, could make a significant difference to the final figure of your tax refund:

JOB CHANGES

A person who started working for the first time during 2013 may be able to claim back most of their tax deductions for the first year of earning. Even if a person is not required to file a return, they should file in any case to determine whether they can recover withheld taxes and qualify for any other tax benefits. A new job may have expenses related to the job which are tax deductible and which could place you in a new tax bracket.

MARRIAGE

Persons married during the past year may wish to file a joint return to qualify for certain tax benefits. Sometimes, however, it may lower the tax bill if separate returns are filed. In 2014, for the first time, the federal government will recognize same sex marriages. If you were married in a state that recognizes same sex marriages, you may now file a joint tax return.

CHILDREN

A new birth will alter your tax status and you will qualify for additional tax benefits, including a $3,900 dependency exemption, up to $6,000 for expenses for child care if you have more than two children, as well as $1,000 per child per year Child Tax Credit. Any child born on or before the 31st December will qualify for the full year.

Tax Breaks in El Paso, TX

The Affordable Care Act will affect 2014 tax returns and it is important to seek advice regarding the process of selecting the right health insurance plan and the deadlines, as penalties will be levied next year on those taxpayers who do not have the proper health insurance in place. The Net Investment Income Tax will add 3.8% onto dividends, interest and annuities. The new PLS Tax will affect higher income taxpayers. New rules on home offices requires submitting a claim calculated according to a code which is the sum of the square footage multiplied by $5, with a maximum claim of $1,500. Higher deductions for senior citizens on reaching the age of 65 or 70, and total exemption on tax payment for some senior citizens without the necessity to file. Most taxpayers file tax returns electronically and the IRS deposits refunds directly to their bank accounts. If an e-file has been completed accurately, a refund could be issued within 21 days of submission, whereas a paper return will only be issued six to eight weeks from the date that it is received. There are three options available to taxpayers for refunds: 1. Direct deposit by EFT transfer into a savings or checking account or into an individual IRA 2. US Series I Savings Bond purchase 3. Paper check

The information on this page was created by one of our website writers at the best in El Paso website... so the information is deemed reliable but is not guaranteed to be 100%, especially given that tax law and the way its variables work may affect different people in different ways. FOR PROFESSIONAL HELP call the tax firm we are writing about (915) 849-1997


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