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How to Make the Most of Your Tax Return in 2012

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  • Description

    FBN's Rich Edson with tips on preparing for tax season two months ahead of schedule.

  • Duration 2:40
  • Date

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This weekend may be spending their holiday weekend getting started a head start on their taxes.

And were less than two months away from tax day that you should know there are some changes while you gather -- W -- and 1099.

We -- is in Washington with the details and we must put a little caveat on there it's a Smart people who are doing their taxes this weekend rates -- rest of -- April 13.

Colin our towns and then in and a -- Not the smartest approach right not that I'm speaking from experience here.

-- -- -- -- -- -- You know you've got -- top of the WT -- -- -- we've got now the 8949.

Or how about the 8938.

So add that to your 1040s this season the IRS is introducing taxpayers to those new forms 8949 for capital gains or losses.

8938 if you have financial assets overseas if you taken advantage of the making work pay tax credit.

Up to 800 dollars in each of the past couple of years.

It's got expired in 2010 won't take it for this tax year.

Also if you took advantage of that home buyer tax credit a couple of years ago you're supposed to stay in that home for at least three years if -- moved -- sold it.

You all that that tax credit back to the federal government and so watch -- -- a new taxes and we'll.

One positive change you have two more days to submit your tax returns April 15 is on -- Sunday.

The sixteenth is a holiday here in Washington DC -- -- federal taxes are due April 17 but still Shibani doesn't mean.

They should -- I just I was reading this sounds like and -- my -- a couple days later April 15 buys me a couple things it's time.

That rates -- your day here and there are a lot of changes with the tax code how to this year exchanges compared to last.

The believe -- -- not tax prepares say this is actually a light year for tax changes congress is constantly adding new tax provisions in reporting provisions.

Mostly to pay for more spending.

And by the beginning of next year taxpayers may have to get -- to an entire new.

Tax system.

The -- tax cuts were extended through 2012.

So I don't think we're gonna have any big changes with tax rates or itemize deductions for 2012.

2013.

Is going to be that big year uncertainty.

As for how to planned for that forget it congress is even know what taxes are gonna look like by then there's so much process that -- to get it done in this congress.

Wait until after the next election so big open question as to what the world is going to happen to tax rates.

Do you not worry about that lets worry about what we do have in action right now on all we do know is we get two extra days and write that down that -- -- -- thanks rich -- Eyewitness News sentinel thing today.

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