As tax season begins, there are a few things to keep in mind when you get ready to file your 2013 taxes to the Internet Revenue Service.
Lisa Jaskey, a certified public accountant with Lisa Nielson CPA in Jefferson, says a taxpayer should have all documentation for income for 2013 along with any itemized deductions. She states that the IRS pretty much knows how much a person’s income is going to be for the year so you need to claim the correct amount.
“So it’s very important types of things that are reported to the IRS match up with what the taxpayer puts on their tax return or has put on their tax return with what the IRS already has in their system.”
Other reminders include keeping a detailed log for business mileage and any recipients for meals or entertainment for business purposes along with charitable contributions can all be claimed. Jaskey comments that buying supplies for a charitable event can be claimed as well.
One important change to deductions for this tax season, Jaskey adds is that medical expenses went up 3% to 10% overall of adjusted gross income.
Due to two new taxes associated with the new federal government healthcare, Jaskey points out that no one will be allowed to file taxes until the first week of February and when you do file taxes, returns will be delayed by three to four weeks due to the IRS having to reconfigure their computers because of identity theft vulnerability.