Are you looking for helpful tax guide? Now that it’s January, you will be receiving an influx of tax forms, from W-2’s to property tax records. If you don’t know where to begin, La Jolla Blue Book chatted with CPA and tax attorney Mark A. Krasner. He shared with us some useful information to help with tax preparation. Mark A. Krasner is one of the founding partners of the La Jolla based law firm, Blanchard, Krasner & French. Mark A. Krasner is a certified public accountant and tax attorney with over 30 years of experience.
If you’re looking for financial or legal services in La Jolla, Blanchard, Krasner & French are the ones to help! Mark A. Krasner sat down with us and shared some helpful tax tips for the upcoming year:
- IRS will begin processing income tax returns on Jan. 31. If you want your refund quickly, consider filing electronically and telling the IRS to deposit the refund directly into your bank account.
- If you file your taxes yourself using TurboTax or similar software, those types of software companies are accepting returns this month, but will hold on to those tax returns until the IRS system opens on Jan. 31.
- If you want a free reliable tax guide, there’s an IRS publication available online. The IRS publication 17 includes several helpful examples. That publication is available on the IRS website at irs.gov.
- Often times during tax season there are con artists sending phony emails asking to reveal sensitive information. If you receive any of those emails, delete them immediately. The IRS does not contact taxpayers by email asking for personal or financial information. The IRS also does not contact taxpayers through text messages and social media channels.
- If you’re a college student making your own money with a full-time or part-time job, you can’t file with your parents. You have to file your own tax return. If you have your own banks accounts or brokerage accounts and paying interests or capital gains, you should file your own return unless you’re 14 years old or younger and under certain circumstances.
- For 2013, the top ordinary income tax rate is 39.6% and the last time the top ordinary income tax rate was that high on individuals was in 2000.
- For 2013, there’s a brand new net investment income tax and that rate is 3.8% which is in addition to the regular income tax.
- For people in the highest income tax rate of 39.6%, their dividends and capital gains will be taxed at 20% for 2013. In the past, that rate was at 15%.
- Any major life changes that occurred in 2013 can affect your tax return. For example, if you got married, had a child, sent a child to college, were the primary caretaker of your parents or changed employment status. If those occurred during 2013, it could impact your 2013 tax return either favorably or unfavorably as compared to 2012. It is best to consult your tax adviser for any questions or concerns.
- People mistakenly think if you file an extension request that extends the time you have to pay your taxes from April 15 to Oct. 15. Filing an extension does not extend when you will have to pay your taxes. Your taxes must be paid April 15. Filing an extension may impose penalties and interest.
If you are interested in using tax services from Blanchard, Krasner & French, visit bkflaw.com for more info. Do you have any other helpful tax tips? Please share with us below.