The Tax Season Rundown: What You Need to Know Before January 30 | Cash Store Blog

1/22/2013

The Tax Season Rundown: What You Need to Know Before January 30

by David Sung

Even though the IRS delayed the opening of tax season to January 30, it is still just around the corner. Whether you’re looking forward to it or filled with a sense of dread, it’s best to take care of filing your taxes early rather than letting it sit idly on your to-do list. To help you get on your way, we've compiled a list of key resources for individuals, families and business owners to use.

Taxes for Individuals

  • Need another incentive to file your taxes early other than a refund? What about the possibility of having that refund stolen from you? Tax filing season is a prime target for identity thieves. The sooner that you submit your information to the government, then the harder it will be for imposters to use it against you. The Identity Theft Resource Center offers tips on how to avoid being a victim this tax season.
Taxes for Families
  • We know how valuable your four-legged friend is in your family and the IRS does too.  Brandy Arnold of the Dogington Post wants to make sure pet foster families include their dog(s) or cat(s) in their federal tax filing. Foster families can expense the costs of caring for animals as long as they have a 501©(3) designation. For more information, read the entire article here:  Filing Taxes? Don’t Forget to Claim Your Foster Dog.
  • Did you cross the threshold into parenthood in 2012? First, congratulations! Second, tax season doesn't have to be overwhelming. You still have time to get organized and file an accurate tax return with very little hassle. Lynnette Khalfani-Cox of Ebony online helps new parents translate their new responsibilities to the government in her article, 10 Special Tax Benefits For Parents in 2013.
Taxes for Business Owners
  • Nowadays, running a business often doesn't mean sitting behind a desk with a window view of a city. Many small business owners work in the comfort of their own homes. This especially holds true for the YouTube entrepreneurs out there. If you earn an income with your widely popular videos, filing taxes still applies to you. Ed Carrasco from New Media Rockstars speaks directly to the video mavens on how to make sense of their living in tax terms.
  • The last thing you want to do is make a mistake on your tax returns. Trying to fix them can create a complicated and stressful situation that will have you vowing never to mess up again. So before you start the process, read Adam Gottlieb’s inside advice on avoiding tax filing pitfalls. In 9 Costly 2012 Tax Filing Mistakes to Avoid for Small Business Owners & The Self Employed, he outlines how common oversights can trip you up and hurt you in the long run.  Start with an organized strategy and double or triple check your numbers before you file.

Resources to Use

Consider filing online? Read the reviews about the most popular tax services from Don Reisinger of CNET.com to see how they stack up. Have any questions about filing your taxes this year? Leave us a comment and we’ll see how we can help!

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