When filing your taxes this year, experts say there are several key topics to remember:
- First, you can’t E-File your taxes until January 30. Last year, it was earlier.
- Don’t rush getting your taxes done. Wait until you have all W-2s and other income documents. Companies are required to have them postmarked to you by January 31.
- If you had any life changing events in 2012 such as getting married, having a child, went to school, got divorced, these can have a significant affect on your return. Talk to your tax preparer about those events.
- Free help and advice is available with the Internal Revenue Service. Click here to go to their site.
As a nation, our taxes went up: So, what do I do now?
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Employers and payroll companies take care of the new tax rates and withholding changes. The taxpayer shouldn’t have to do anything.
However, the IRS urges workers to review their withholding every year. If necessary, fill out a new W4 and give it to your employer.
Who should fill out a new W4?
- Individuals and couples with multiple jobs
- People who are having children
- Getting married
- Getting divorced
- Anyone who typically has a balance due
- Typically getting a large refund and would like more in their weekly paychecks throughout the year
Where do I get a new W4?
- Ask your Human Resources or Payroll Representative at work
- Print one online
- Return completed form to your Human Resources or Payroll Representative at work
How do I know if any changes were made?
Look at the Federal income tax withholding amounts on your paystubs…compare your last check and new check and the amounts should be different for the same hours worked. If they are not, or something doesn’t look right, speak with your Human Resources or Payroll Representative at work.