The Box for Mortgage Insurance Premiums have disappeared.
The 2012 Form 1098 does not contain a box for qualified mortgage insurance premiums. This is likely due to the new tax bill was passed in January when mortgage companies were already in the process of issuing 1098s. The mortgage insurance premiums are deductible for 2012 and 2013, but could easily be overlooked if a tax professional does not specifically ask clients for the amount. (Thanks NATP for the update, and other Tax Professionals)
Ask your Tax Professional what you should bring when you might qualify for the Earned Income Credit.
An additional page was added to the earned income credit, Tax Professionals can NOT file your return without extra documents showing proof that the dependent(s) qualify you for this credit.
Update for Pennsylvania Business, Rental and Farm Owners
Pennsylvania has decided to include utility payments to use tax for filers that use the office in home form. This is for small businesses and rental owners that use a percentage of their home for an office.
The Depreciation and Amortization forms have been pushed back to the end of February, to mid-March.
The Education Credit Form will not being ready for filing until then either.
The Residential Energy credit also will affect individual filers, and remember this credit is only 10% of the cost with a maximum of $500 credit that can be claimed since the credit began. So if you received this credit in a prior year, bring that tax year return to your Tax Professional. They will be able to figure the maximum if any of the credit you are entitled to.
There is a total of 31 credits delayed.
Kislak Tax and Notary Update
- The Secure Portal I use for long distant clients to upload their tax documents has been added to Kislak Tax and Notary website www.kislaktaxandnotary.com
- Clients that do not have a bank account once again can ask for a bank card at my desk to receive their refund.
- Once again, if you are short on cash when you go to file, the bank I am affiliated with can deduct your tax prep fees from your refund.
- If you took advantage of one of those holiday loans that a tax chain offered, you can save yourself their high costs of tax prep fees by going to a reputable Tax Professional and paying the balance of your loan after you receive your refund.
- I still offer credit card payments to help make it easier on you to pay your tax prep fees.
- I changed to more expensive tax program this year and it is super fast and offers so much more within your tax documents that you take home.
There is plenty more updates when it comes to filing your federal, state, and local tax returns that pertain to you and we will touch on that when you call for your appointment, emails or at my desk.
Filed under: Blogs, Business, Credits, Current Affairs, Deductions, Dependents, Education, Family, Recordkeeping, State Tax, Tax Info, Tax Planning, Tax Preparers, Taxes, Taxpayer Education | Tagged: Earned Income Tax Credit, Internal Revenue Service, irs, Pennsylvania, Tax, Tax preparation, United States | Comments Off