Tax Season is Over! Long Live Tax Season!

Now that the 2012 tax season is finally over, it is time to turn our attention to the upcoming tax season.  We will be attending numerous conferences, readying ourselves for what the IRS and Congress will throw our way for your 2013 taxes.  Now is a good time for you to start prepping for your tax appointment as well.  (What? You didn’t preschedule your 2014 tax appointment? It’s never too early to schedule your appointment.  Give us a call).  Start gathering your receipts – make sure they are legible.  Now is also a good time to look through your closets and maximize your charitable deductions by making contributions to your favorite charity.  Remember those receipts!  You can print off the non-cash contribution check list from our website which will help you organize your contributions.

If you refinanced your home in 2013, remember that we will need a copy of the Settlement Statement from your closing – some of your closing costs may be deductible.  That statement is usually tucked inside your closing packet that you receive at the time of your closing.  Don’t forget to track your mileage for your trips to Goodwill/Salvation Army, along with your other volunteer activities.

One change we are aware of for the 2013 tax year concerns the amount you must spend in order to deduct medical expenses.  If you are 65 or older,  you have to have spent more than 7 ½% of your adjusted gross income (in other words, there is no change for you).  However, if you are younger than 65 years of age, that percentage increases to 10% of your adjusted gross income.  Remember, this means expenses for which you have not been reimbursed by an insurance company or a pretax health plan.  If you are able to take a deduction for medical expenses, make a reminder for yourself to call your pharmacy after the first of the year to obtain printouts of prescriptions for all of your family members.  You can also contact your doctors’ offices to get statements of what you have paid for the year.  Remember that you can also deduct mileage for doctors’ appointments, hospital visits, etc.

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