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The IRS has released some tips on how individual taxpayers can begin planning for the 2013 filing season.

IRS Tips for 2013 Filing Season

  • 5/16/2012

IRS Tips for 2013 Filing Season

The IRS has released some tips on how individual taxpayers can begin planning for the 2013 filing season.

Adjust withholding: The IRS recommended that taxpayers use the agency’s withholding calculator on its website to review their withholding. Taxpayers may want to adjust their withholding if they anticipate a change in filing status, a change in the number of dependents, or a change in income before filing their 2012 returns in 2013.

Review paychecks and pre-tax contributions: Taxpayers should double-check any pre-tax contributions, deductions, and other adjustments to paychecks, the IRS suggested.

Shop early for a tax professional: The IRS recommended individuals choose a tax professional wisely. Taxpayers are ultimately responsible for the accuracy of their return regardless of who prepares the return, the IRS cautioned.

American Opportunity Tax Credit (AOTC): The IRS reminded taxpayers that the AOTC (the enhanced HOPE education credit) is scheduled under current law to sunset after 2012. The AOTC can be claimed for qualified educational expenses for the first four years of post-secondary education.

Organize tax records: Taxpayers should keep their 2011 tax return and other tax records such as mileage logs and charity receipts, in a central location, the IRS recommended.

Comment: Records maintained in an electronic storage system, if compliant with IRS specifications, constitute records as required by the tax code. These rules apply to taxpayers who maintain books and records by using an electronic storage system that either images their hard-copy books and records, or transfers their computerized books and records to an electronic storage media, such as an optical disk.

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