You Asked, We Answered; Tax Returns Q&A for 2012 - WMBB News 13 - The Panhandle's News Leader

You Asked, We Answered; Tax Returns Q&A for 2012

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It's almost tax season and you might be wondering about how the recent "fiscal cliff" deal will effect your 2012 tax return. So, we asked about your concerns on Facebook and after gathering a list of the most common question we set out to find answers.

Kyle from Wewahitchka asks when you can file your return?

"The delay will be until January 30th before the IRS will be accepting e-filed returns," said tax professional Maureen Gilley.

Although the IRS is pushing back the submission date due to the fiscal cliff deal, Gilley suggests preparing your tax return early.

"It can be all done, but just ready to transmit when the time comes," said Gilley. "So, we do suggest that they proceed with that. After the 30th we expect it's going to be very, very busy."

Mishia Downs Woodruff wants to know how the "fiscal cliff" deal will affect tax returns. Gilley says most things stay the same, including the Federal Extension of Unemployment.

"97% of people won't see a great deal of difference as opposed to what they had last year," said Gilley.

Chris Boyer from Panama City Beach asks how the Affordable Care Act will impact his taxes? Gilley says it won't affect you for two more years and then...

"Everyone will be required to have some sort of insurance," said Gilley. "If you already have it, it wont be so much of an issue for you. But, if you do not it will be of concern for your tax return for 2014."

Gilley says if you don't have health insurance your income in 2013 will determine how much you will have to pay for the government ran insurance program when it begins in a year. She says H&R Block has a calculator that will estimate the amount for you.

Again, January 30th is the date to remember when transmitting tax returns online. Gilley says as far as the affordable care act goes; pay close attention and we'll know more in October of 2013. The Social Security Tax did increase this year and you will now see an additional 2% percent being withheld from your check.

Also, tax return refund will also take longer to get back to you. The IRS reports that your refund will tax three weeks from the time your return is accepted to when it hits your bank account.