The rules have changed regarding medical and dental deductions for the 2013 tax year. If you plan to itemize medical and dental expenses, they are only deductible to the extent that they exceed 10 percent of your adjusted gross income. This is a significant change from the 7.5 percent threshold in place for 2012 and years prior. However, there is a temporary exemption for filers 65 and older, along with their spouses, who will remain at the 7.5 percent level through the year 2016.

A School Scholarship Tax Credit is now available for individuals or corporations who donate to scholarship-granting organizations (SGOs), per new legislation (Indiana Code 6-3.1-30.5 and Indiana Code 20-51).

Qualified SGOs will receive funding for scholarships, which will come from private, charitable donations. Those donors (individuals or corporations) who have donated to an SGO approved by the Department of Education will then be eligible to take advantage of a 50 percent credit against their individual or corporation state-tax liability.

The amount you pay for tax preparation and/or tax help all depends on where you go and the quality of help you are seeking.

Something things to keep in mind when deciding on a tax preparer are:

If you filed for a federal tax extension in April, your tax forms need to be filed by October 15th. Taxes are normally due on April 15th every year, but taxpayers are eligible to file for an automatic extension if they need more time to prepare their tax return.

The biggest change I foresee to impact tax payers for 2014 is the Affordable Care Act Tax Provisions for Individuals and Families.

Everyone has important decisions to make concerning health care coverage in 2014. Starting in 2014, you must choose to either have basic health insurance coverage (known as minimum essential coverage) for yourself and everyone in your family for each month or go without health care coverage for some or all of the year.

September 15th has come quickly upon us, which means the income tax filing deadline for all calendar year-end business returns that were extended. Some businesses choose to file their tax return after this “final” due date. Below is a quick reminder of the federal penalties associated with filing a tax return late:

Believe it or not, one of the most common yet most simple actions in preparing a personal tax return is selecting an incorrect Filing Status. Selecting the wrong Filing Status can potentially make a several thousand dollar difference in your tax refund. There are only 5 main statuses to choose from; however, the most common mistake that can cost a tax payer thousands of dollars in choosing a filing status of Single when they are eligible to file as Head of Household. What most tax payers and tax preparers who are not active Certified Public

Accountants are not aware of is that you do not have to claim the dependent on your tax return to file as Head of Household.The tax payer simply needs to be educated on how they can claim an individual as a Head of House Hold Qualifier even if that individual is claimed as a dependent on someone else’s tax return.

It’s time to put away the beach clothes and start hitting the books again. As the school year starts, it’s easy to forget that taxes are important throughout the year – not just in April. In all the hustle to get ready for classes – whether it’s college or kindergarten – here’s some helpful tax tips to keep in mind this fall.