This year is going to be a little different for tax season. According to experts, we as Rochester CPA preparers will have a season unlike any other. It is due to the fiscal cliff, which creates a postponement in the IRS for all the forms necessary for tax season. Before being able to start tax returns this year, it was necessary to wait for the proper tax documents to come in. A local CPA is still waiting for state and federal tax forms to come in so that she can complete clients’ returns. This is definitely unheard of in previous years. The downside is how it will affect everything, It is not just the beginning of tax season that is thrown off, but also the delay will create issues with tax refunds. Typically, businesses and individuals can have their tax documents by the end of January, file their return in a few weeks and because everything can be done electronically the return can be sent to the taxpayer before March even starts. Now many of the forms that are needed for tax season are going to be delayed until March, which means a delay in refunds.
Thousands are going to be affected by this according to a local Rochester accountant. Those who do not expect a return, but will most likely need to pay a little more in taxes have very little to worry about. In fact for these taxpayers the delay is actually helpful. If they cannot get their taxes started until March it means the April 15th date can be utilized as the last day to file. Most who owe taxes do not wish to rush into payment.
It really only affects those who are sure to get a return. One of the reasons you might wish to hire a Rochester accountant is to start seeing returns more frequently. With Rochester consulting a qualified CPA can look through your expenses and income to find more deductions. If there is any possibility of paying more in taxes or getting more deductions by the end of the year, it should be taken advantage of to ensure a return or a lower payment amount. Rochester consulting might not be able to create a huge change in what is owed or deducted; however, it will not hurt to find out for sure if you are doing everything possible to earn a better return or any return at all.
Tax season tends to be daunting, and with the fiscal cliff discussion all through December and January it left little to be excited about for many Americans. Now that a decision has been made hopefully things can get back on track sooner than the projected March for all the tax documents necessary to complete 2012s tax returns. Otherwise it might be as late as June for some individuals to see their returns deposited into their account.
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RDG+Partners wants to be the primary advisor for motivated business owners. The firm is committed to providing boutique level accounting, tax and business consulting services to the Rochester, NY community.