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IRS 2012 Tax Changes

Look over these important changes to the tax code before you file your 2012 taxes

Every year the IRS tweaks the tax code at least a little bit: introducing new credits and deductions, discontinuing temporary provisions of the tax code, and adjusting various numbers for inflation.

Some years, depending on what happens in Congress, there are really big changes that end up affecting everyone pretty dramatically. But for the 2012 tax year the changes were relatively small. Still, you should be aware of them before you go gallivanting off into the tax preparation sunset.

Here, without further ado, are the tax changes for the 2012 year:

  • Income limits for excluding education savings bond interest increased – Your modified adjusted gross income (MAGI) must be less than $87,850 if you’re a single filer or less than $139,250 if you’re married filing jointly or a qualifying widow(er) in order to exclude education savings bond interest. Continue reading “IRS 2012 Tax Changes”
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Do I Have to File a 2012 Tax Return?

You have to file a 2012 return if your income was above a certain filing threshold

Some taxpayers aren’t required to file a 2012 tax return at all. It depends on how much money you earned throughout the tax year.

Below certain levels of income you don’t have to file a return at all. These income thresholds change with your filing status and age. For 2012 they are set at the following amounts:

For single filers the income threshold was

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For 2011 Taxes, Avoid the Problem of Unclaimed Federal Tax Refunds

E-File taxes for 2011 and request direct deposit to get your refund faster

One of the perennial tax questions, asked by thousands of taxpayers every year, is “When will I get my tax refund from the IRS?” For most, the refund is just slow in getting to them. But for some, their refund really is lost.

In November, over a month after the final deadline to file 2010 taxes, the IRS announced that it was in possession of $153 million in unclaimed federal tax refund checks.

99,123 taxpayers that were due a refund were without their money, thanks largely to errors on the IRS mailing addresses for the refunds that rendered the checks undeliverable. The average check amounts to the tidy sum of $1,547. Continue reading “For 2011 Taxes, Avoid the Problem of Unclaimed Federal Tax Refunds”