Updated February 8, 2013
The IRS opened its doors today, officially kicking off the tax season!
With 80 percent of taxpayers getting a tax refund and the average federal tax refund last year topping $2,700, there is no reason to wait to file.
But what if you have questions? Just give us a call or chat with us – our experienced TurboTax tax professionals are here for you. Only TurboTax lets you talk to CPAs, enrolled agents and tax attorneys while you prepare your return, free. We’ll even help you get started and we’re there when you need it
To help you get started, our tax experts can answer some of your most commonly asked questions:
How does the fiscal cliff or recent tax law changes affect my taxes?
Don’t worry! Recent changes to the tax law will not impact the vast majority of people’s tax refunds for 2012. This is because Congress extended all of the existing, family-friendly provisions.
You can still claim the Earned Income Tax Credit, Child Care Credit, Teachers Deduction and more!
IRS Update: The IRS announced today that they are now able to process tax returns that contain form 8863 with Education Credits beginning February 14th. Form 8863 is used to claim two higher education credits — the American Opportunity Tax Credit and the Lifetime Learning Credit.
The IRS has also announced that on February 10th, they will begin processing tax returns that contain Form 4562, Depreciation and Amortization
Please read the full IRS announcement here.
Will the new healthcare reform changes impact my 2012 taxes?
Good news! The requirement to purchase health insurance does not impact your 2012 or 2013 tax returns. You should know that your 2012 tax return will help determine your eligibility for an insurance subsidy from the government, which will kick in for 2014.
Who can I claim as a dependent?
This is one of our most frequently asked questions. Taxpayers may be surprised to find out that their boyfriend, grandmother or adult child may qualify as a dependent.
Are there tax deductions available for students in college?
The U.S. government provides incentives, in the form of education tax credits and deductions, to help decrease the costs of pursuing a college education. If you paid eligible education expenses for you, your spouse, or your dependent, you may qualify for one of these tax benefits. In fact, this could be as much as a $4,000 deduction!
Still have questions? Don’t worry. We’re here for you to help you get your maximum refund possible and so you can be confident you’re taxes are done right.