Listen as H&S Companies CPA Scott Hunt explains a few FAQs people have this tax season.
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Scott Hunt
Certified Public Accountant
231.798.6508
scotth@hscompanies.com
Listen as H&S Companies CPA Scott Hunt explains why.
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Scott Hunt
Certified Public Accountant
231.798.6508
scotth@hscompanies.com
Use the IRS refund tool to find out on what date to anticipate receiving your refund.
According to the IRS, last year, they issued more than 90% of refunds to taxpayers in less than 21 days, and they expect the same results in 2013.
After your return is filed, you can track the status of your refund, but this year, instead of an estimated due date, you will receive an actual personalized refund date after the IRS processes your tax return and approves the refund.
Initial information generally will be available within 24 hours after the IRS receives your e-filed return or four weeks after mailing a paper return. The system updates every 24 hours, usually overnight. There is no need to check more than once a day.
To use the refund tool, you need to have a copy of your tax return because you will need to know your filing status, and the exact dollar amount of the refund you are expecting in addition to your social security number.
Listen as H&S Companies CPA Scott Hunt explains a tax savings opportunity that is ending soon.
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Scott Hunt
Certified Public Accountant
231.798.6508
scotth@hscompanies.com
You can still make this type of contribution for 2012 as long as you do so before February 1, 2013.
Since 2006, taxpayers at least 70 ½ years of age have been able to make charitable contributions of as much as $100,000, directly from their retirement accounts, without having it affect their adjusted gross income. There were a number of good tax-saving reasons that people took advantage of this law, but here is the kicker — it was supposed to expire at the end of 2011. Which means there was no reason for anyone to make such a contribution in 2012 – until it was reinstated as part of the American Tax Payer Relief Act in January 2013.
Well, that wouldn’t seem to help anybody, but this new legislation gives us a fleeting chance, here’s why:
Scott Hunt
Certified Public Accountant
231.798.6508
scotth@hscompanies.com
The non-business energy property credit has been extended through 12/31/13.
Thanks to the American Taxpayer Relief Act of 2012, the non-business energy property credit has been extended through 12/31/13. If you’re planning to make “green” improvements around your home in 2013, you may be able to take advantage of this credit through the 2013 tax year (and if you did make “green” improvements in 2012, you may be able to take advantage of the credit on this year’s tax return!).
Here’s what you need to know:
Congress passed the American Taxpayer Relief Act, which averted the fiscal cliff, on January 2, 2013. So how will this affect your tax return? Well, to start, if you plan to file anything beyond a simple return, you’ll have to wait for the IRS to update the forms.
The IRS announced that taxpayers can begin filing their 1040 returns on January 30th; however, if your return is more complicated, you’ll have to wait until the end of February or the beginning of March. For example, if you plan to take advantage of the residential energy credits, depreciation of property, or general business credits, you’ll have to wait for the IRS to update the forms.
Start gathering the documentation you’ll need to complete your return. Need help? Download our free tax checklist.
Many changes begin for both individuals and businesses in 2013 as a result of the Affordable Care Act. Accordingly, we are devoting next month’s newsletter to these provisions, as well as, a special section on our website. Look for this the first of February.
Unsure of which documents to bring to your tax appointment? Download H&S Companies free tax checklist to make sure you have everything you need!
The Newaygo Insurance Agency’s 2012 Newaygo County Farmers Forum, held on Tuesday December 11, 2012, was a huge success! Photo Credit: office.microsoft.com
The Newaygo Insurance Agency’s 2012 Newaygo County Farmers Forum, held on Tuesday December 11, 2012, was a huge success! Approximately 120 farmers from across the county gathered at Northern Trails Restaurant and listened to experts from across disciplines to bring them up-to-speed on matters of concern.
Chad Appold, H&S Companies CPA, and Jack Hendon, H&S Co-Founder, presented to the group on tax changes that may affect farmers in 2013.
“The Farmers Forum was a very impressive gathering,” said Jack Hendon, H&S Companies Co-Founder, “Dan Johnson, of Newaygo Insurance Agency, did a terrific job of bringing together subject matter experts! We’re looking forward to next year’s forum.”
Other items covered, included: safety issues concerning farmers, Right to Farm Act proposed changes, and weather insurance information.
Chad Appold
Certified Public Accountant
231.924.8003
chada@hscompanies.com
