Friday, December 21, 2012

4 Things You Should Know When Preparing Your 2012 Taxes

Here are 4 things you should know for this upcoming tax season:

 1. Fiscal Cliff – If the fiscal cliff and the corresponding late tax legislation issues are not resolved soon there can be a delay in tax season for some or all taxpayers. The IRS is currently scheduled to start accepting tax returns on January 22, 2013.   

2. New Taxpayer Refund Timing – The IRS Refund Cycle Chart, which showed expected dates for tax refunds, will no longer be available. Replacing it will be a new standard message that “most taxpayers will receive their tax refund in less than 21 days”. The IRS predicts that 90% of refunds will be delivered within 21 days like they were last tax season. 

3. New IRS “Where is my refund” tool. – The IRS has improved their “Where is My Refund” tool on IRS.gov.  The displayed tax return statuses will include Tax Return Received, Refund Approved, and Refund Sent.  It will also show the taxpayer the expected date of the refund.

4. Education and Testing – Starting this year all paid tax return preparers must have 15 hours of continuing tax education for every tax season.  They must also pass an IRS standardized basic skills competency test by the end of 2013.

Source: Western CPE

Keep checking this blog for more helpful tips on organizing your taxes!

Rachel Seavey, Professional Organizer
I am located in Pleasanton Ca, and serve the San Francisco Bay Area.
I specialize in Hoarding Disorder, Chronic Disorganization and helping the overwhelmed with clutter. I love what I do, and I provide realistic expectations and timelines. Don't suffer in chaos any  more. Every breath is a new beginning! Please visit my site at www.collectorcare.com
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