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Tax Season is Here Again– Are You Ready?

Are you one of those who wait till the last minute to do your taxes? Tax season has started; to be precise, on January 30, 2013, and that’s when our friends at the IRS begin to process personal tax or business tax returns. This is the right time to file your taxes, and this year, you have the added advantage of preparing and filing your taxes by the deadline on April 15th. Unless you get your documents in place, you will need to race to the meet deadline and then have to deal with stress that can be avoided in the first place.

So, here are some pointers to share with you about what the 2013 tax season brings in, right from the horse’s mouth, so you can get yourself organized.

A brand new, easy to navigate and redesigned IRS.gov is out there to welcome you. It has service options that are ready to wow you–additional video-conferencing guidance as well as tools on social media. You can easily get all the latest tax info out there, and if you are keen on learning more, you are directed to the IRS YouTube channel that you can see right here at http://www.youtube.com/user/irsvideos. IRS has further intensified its efforts to protect you, dear taxpayer, from any frauds or identity thefts.

Did you know that you could actually check the status of your tax refunds on your smartphone? With the IRS smartphone application, IRS2Go which is available for both Apple and Android users, you can also clarify any other tax related doubts when you are on the go.

While this year’s late legislation has affected several forms, details of which are listed on the IRS website, they hope to begin accepting these forms later this month and in March as well. Watch this space to find out more.

Another favorable change is in the tracking system that you would use after you have filed your returns on the “Where’s my refund” section of the IRS site. From this year onwards, you can look forward to an exact refund date, rather than the estimated date used up until last year, and this information is available after your tax returns have been processed and approved by the department.

So, let us all begin the laborious task of getting our records in place–receipts that depict your income, like your bank deposit slips, receipt books and your credit card charge slips; your purchases as well as your expenses and extend a warm welcome to the whole new tax season 2013.

Here at Crowley & Halloran CPA’s, our consultants would be happy to help you plan and manage your business budget. Click here to request a proposal.