Income Tax Filing Period Begins Saturday - 8 News NOW

Income Tax Filing Period Begins Saturday

Posted: Updated:

LAS VEGAS - Filing for your 2013 income taxes begins Saturday. 8 News NOW offers information on important tax law changes and the benefits of using software or an accountant.

If you are single, have one or two W-2 forms and little to no deductions, you can probably file your own taxes using any number of tax preparation products on the market.

If you own a home, own stocks or bonds or receive Social Security or unemployment benefits, you may be better served by hiring an accountant.

Many Nevadans may also receive a W-2-G form for their gambling earnings. That is crucial information that needs to be filed accurately.

If you don't use a preparer, make sure you are organized with your documents and receipts. Tax professionals say you should also avoid waiting until the last minute.

"I think one of the major issues is file," registered tax preparer Greg Walsh said. "A lot of people, they get into situations where they get nervous, because they think they owe a lot of money. So, they kind of hide their head in the sand and don't file at all."

The IRS also has some new rules that will affect deductions.

One change involves medical expenses incurred by people under the age of 65. This new rule allows the deduction of medical expenses if the expenses are more than 10 percent of your adjusted gross income. The deduction previously applied to expenses that made up 7.5 percent of your adjusted gross income.

The IRS has some good news for college students. If you paid tuition, you may be eligible for a refund of up to $2,500. Graduates may be able to deduct interest paid on school loans. These deductions vary, depending on your income.

If you installed energy efficient improvements in your home, it could mean extra tax credits. The tax breaks depend on the types of improvements that were made.

While many new deductions are available, Walsh urges taxpayers to not get carried away. "Don't get overly aggressive on your taxes. Just make sure that what you're deducting is what you're supposed to be deducting," he said.

There are some unusual deductions that are available as well. For example, if your doctor suggested playing a musical instrument to help an under bite, music lessons could be written off.

If you're moving away for another job, you could get back what you spent on transporting your pet.

The IRS will begin accepting income tax returns February 1st. Employers have until January 31st to mail W-2 forms to their workers. If you don't get one, you can start filing using your pay stub February 15th. The deadline to file is April 15th.

You may also be eligible for free tax preparation from the United Way if you earn less than $52,000 a year. Visit the United Way's website for more information.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KLAS. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.