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MORE HELP FOR FILING YOUR 2012 TAXES

If you are one of those people who do your own taxes, go to the IRS website, www.irs.gov, and you will find information to help you with your taxes. You will also find links to a variety of YouTube videos which give you tax tips and information on how to prepare your taxes. Individuals can also call
1-800-829-1040 between 7:00 a.m. and 7:00 p.m. weekdays.

WHAT’S NEW FOR 2012 TAXES

Several deductions which were set to expire have been extended through 2013, including state and local sales tax itemized deductions, qualified tuition and fees deductions up to $4,000, teacher expenses up to $250, a home energy credit for qualified purchases, and a qualified charitable distribution exclusions of up to $100,000 gifted from an IRA by taxpayers who are 70½ or older.

Contributions to IRA’s and retirement plans like 401k’s might also qualify for a tax credit up to $1,000, or up to $2,000 if it’s a married filing joint return. This credit is for individuals with incomes up to $28,750 if you are a head of household or $43,425 if you are married filing jointly. You would use Form 8880 to claim the credit.