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November 26, 2012

5 ways to prepare for the upcoming tax season

Take steps now to make tax filing a little easier in January

(Continued)

Significant season

“The coming tax filing season is shaping up to be like no other in recent years,” said Mark Steber, chief tax officer, Jackson Hewitt Tax Service Inc. “The combination of expiring tax laws and tax policy changes, possible renewed retroactive provisions and last-minute legislative action calls for taxpayers to be extra careful when managing their taxes in order to ensure that there is no money left on the table."

Steber suggests keeping an eye out for late year legislative changes that can impact your future taxes. For example, Extender Provisions, which include the deductions for state and local sales tax, the mortgage insurance premium, deductions for out-of-pocket classroom expenses for teachers, deductions for college tuition and fees, as well as the $500 credit for making energy-efficient home improvements, could all be on the table.

That means paying attention to the news out of Washington over the next few weeks. What happens there could affect you tax-wise in the coming years.

Story provided by ConsumerAffairs.

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