Last year, Congressional negotiations over the so-called fiscal cliff put year-end tax considerations in flux.
A deal was reached, and though the filing acceptance date was delayed a couple of weeks, the Internal Revenue Service is now accepting most 2012 tax returns.
The IRS did not, however, change the tax due date of April 15, 2013.
Host Don Marsh talked with St. Louis-based tax expert Lance Weiss, CPA, of SFW Partners, LLC.
“The 2012 tax issues have been nailed down now. The IRS is not quite ready to receive all the forms electronically that changed because of that late last-minute tax law - general business credit or some of the new market type tax credits,” Weiss said.
When do you taxes become too complicated for using a program such as Turbo Tax?
Weiss is a fan of such programs, though using them, he says, is a personal decision.
“It’s really going to depend on the comfort level of the individual. I know people who manage their own money up to very high dollars of wealth and then I know some other people who, as soon as they get a thousand dollars ready to invest, hire someone to help them do that.
When I see people really having the need to hire a tax professional, is when they start to get into some areas related to purchasing rental properties or entering into a business venture.” – Lance Weiss, CPA
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