Tax season may bring changes and surprises next year
There could be some surprises for taxpayers in 2013. Many of them may find themselves with a bigger tax bill next year.
Clarissa Stallknecht is general manager of one of the Jackson Hewitt tax offices in central New York. She says the continued uncertainty about the federal budget could have a big impact on taxpayers.
"You're going to really have to budget next year if these tax acts don't go into effect because there are a lot that are due to expire," Stallknecht said. "The biggest one is the marriage penalty, where they are going to drop the standard deduction down for married people."
Stallknecht also says another potential change that could affect many families is the child tax credit, which could drop from $1,000 to $500. The other thing taxpayers should know, says Stallknecht, is that there will be a delay for people who like to file early.
The IRS, as she says, won't be "turning their computers on" until January 22.
"They're going to be 10 days behind this year and they've also posted that it's going to take three weeks to get your refund," Stallknecht said.
To blunt the tax impact at this point, Stallknecht's advice is to pay more money now into retirement plans and charities, and if you can, pay some extra mortgage interest on your property.