Now that the holidays are over, it's time to start thinking about your taxes. There are some new exemptions and other changes that could affect your income tax returns.
Tax season is just around the corner, and for those of you thinking about that big tax return, you better get started. The Internal Revenue Service has adjusted the standard deductible for inflation. The amount is now $5,000 for a single, $10,000 for a couple, with add on amounts for those over 65.
Sue Gurski of H&R Block says for those who procrastinate, there's a change in filing extensions.
"This year you can have one six-month extension, but at the end of that, if you haven't filed by then it's a late tax return."
As you're filing you tax returns remember there's some new exemptions and there's also a new bill designed to give some help to the victims of Hurricane Katrina.
Margaret Henkle is a Client Service Manager with Jackson-Hewitt and says, "If you are from a disaster effected area and you are having difficulty getting you W-2s because your employer, or former employer, simply doesn't have the capacity to produce those, the IRS will allow those folks to go ahead and use their last pay stub, the most recent pay stub they have from that employer and they can actually submit their tax return to the IRS without their W-2."
Also included in the disaster provision is a tax break for those who house victims of the hurricane free of charge.
Because April 15 falls on a Saturday, the tax deadline this year will be Monday, April 17.