Tax Filing- Delays and Changes You Should Know AboutBy: Ellisha Rader Mannering - January 24, 2014
If you usually get a big tax refund, you are probably excited to file your 2013 taxes. If you have to pay in, you may want to put it off as long as possible. Many people have a hard time knowing when and even how they should handle tax filing. The good news is, the IRS offers tips and information on their website to help answer any questions and clear up any misunderstandings.
If you are wondering when you should start filing, the answer is now, but don’t expect to get your refund back within a few days. The government shutdown has caused the IRS to hold off on processing tax returns until January 31, 2014. This is 10 days later than they usually start. You can still file your taxes before the 31st, but you will have to wait for the IRS to start processing them before you start counting down the days until your refund arrives.
If you have all of your W2’s and other documents and are ready to file, there are a few things you should know before doing so. If you are in a higher income bracket, you can expect to pay more than usual. While people who make a lot are used to paying a lot, this year the tax rate has risen and many people are not going to be happy about it.
Married, same sex couples will be surprised to learn that even if they are living in a state that doesn’t recognize gay marriage, they will still be required to file as married if they were married in a state that does recognize gay marriage.
A change has been made to deductions as well. Business owners or those who are self employed can claim different home office deductions this year.
People who earn over $200,000 will pay a higher Medicare tax this year also.
Remember, the sooner you file, the sooner you will get back that big refund you have been waiting for. If you find yourself having to pay taxes this year, remember to get them paid by April 15 to avoid penalties.
What do you think about the delayed processing and changes?
Image via Wikimedia Commons.