Tax season arrives, what you need to know - KWWL - Eastern Iowa Breaking News, Weather, Closings

Tax season arrives, what you need to know

Posted:
CEDAR RAPIDS (KWWL) -

Tax season is here. Starting January 30th you can file your individual tax returns with the Internal Revenue Service (IRS).

Barry Frantz is a partner at Terry Lockridge & Dunn, an accounting and business consultant firm. Tax season is busy season.

"We've already started to get hit pretty hard," said Frantz. "It it will get even harder in February and in March."

Tax season is delayed this year. That's because the IRS had to tweak forms after congress passed a fiscal cliff deal. Experts say the delay actually brings good news for you.

"The child tax credit stayed at $1,000, dependent care credit stayed intact, the American opportunity credit, the education credits, all the major tax credits were extended," said Frantz.

Experts say to save yourself some money, make sure you remember all the deductions that you qualify for. For example, if you use your cell phone for work, you can write off the business part of that expense.

"Many of those miscellaneous, itemized deductions, business expenses, would be your cell phone, mileage if you're on a business trip that you're not reimbursed, any kind of office supplies that you use at home for your job," said Frantz.

Frantz says a common missed deduction is the dependent care credit. He says many clients don't think of it because they don't send their kids to daycare. However, summer day camps also count.

Experts say because the tax filing date is slightly delayed this year, you'll also receive your returns later than you usually do.

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

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Sandy Youngblut at 319-291-1259. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.