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Tax Season Begins as IRS Starts Accepting Returns

Categories: Home Owner Tips, In The News, New Homes in Fayetteville, New Homes in Raleigh | Posted: February 25, 2016

 

Tax Season Tips

Tax Season Tips

The time of year is upon us where tax season starts to take over many American’s minds, as they prepare to get their taxes together to file for another year. However, do you know about the latest changes taxpayers without insurance will face this year? Whether this affects you or not, Royal Oaks Homes, a premier homebuilder for new homes in Raleigh, shares things you should know for tax season this year.

Taxpayers without health insurance will face larger penalties, and those who are insured by their employers will be getting a new tax form. Also expect to see adjustments for inflation, and Congress extending expiring tax breaks, some permanently.

It also is a perfect time to start gathering documents needed to file taxes this year. The main items you will need are your W-2 forms reporting wages or salaries, which you should be getting from your employers this month. You will also need Form 1099 reporting interest and dividend income, Form 1098 showing interest paid on a home mortgage, and Form 1098-A if you bough coverage though the Health Insurance Market.

For the 2015 tax year, the standard deduction is $6,300 for single filers, $12,600 for married couples filing jointly and $9,250 for heads of household. When it comes to filing taxes, electronic filing was up 2.4 percent in 2015, up from 2014. The use of direct deposit for refund checks is also on the rise in popularity. Last year, more than 86 million tax refunds were paid through direct deposit, up 2.7 percent since the year before.

According to the IRS website, choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund.

If you need assistance with filing your taxes or are unsure of how to do them properly, it is best to hire a tax professional to make sure everything is taken care of correctly. If you have bought a new Royal Oaks Home in the last calendar year, you’ll have that tax write off waiting for 2016!

 

 

 

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