February 28, 2014|
Did you know that the government shutdown has had an impact on your tax return? Because the shutdown prevented the IRS from doing some of its standard tax season preparation, the filing season will begin a little later and your refund could be delayed a week or two. There are also numerous changes in tax laws that might affect your tax bill for 2013, including steeper rates, a new tax on investment income, changes in deduction options for higher-income taxpayers and extended tax benefits for those in the middle-income brackets. In addition, new provisions associated with the Affordable Care Act, such as the premium tax credit for some insurance purchases, should be part of your planning. Contact your Faw Casson advisor to learn the best steps to limit your tax liability and ensure you've taken all allowable deductions and credits. We can help you with all your tax and related financial planning.