Scams And Other Things To Know About Your 2013 Income Taxes
Friday, November 29, 2013
As the end of the year approaches, it's time to make sure your financial house is in order.
There have been lots of changes to tax law in 2013. Unless Congress acts some tax deductions will expire.
Raphael Tulino is a spokesman for the IRS. He said the law extended some deductions from 2012, and teachers and some homeowners will be affected by the changes.
Tulino said people should keep these disappearing deductions in mind as they plan for taxes.
For people in higher income brackets, the net investment tax will add to capital gains taxes, Tulino said.
"It's 3.8 percent on top of capital gains, which could make your capital gain—depending on your income—at 23.8 percent as opposed to 20 percent."
In addition, the Supreme Court's decision to overturn the Defense of Marriage Act means same-sex couples can access the same tax breaks as other married couples.
Tulino also warned that a phone scam targeting new immigrants has been reported.
"It's really sinister because of all the nuances involved," he said. "They seem to know the last four of your SSN (Social Security Number)."
He said the caller can spoof the IRS' toll-free number making it look like the IRS is showing up on your caller ID. Tulino said the IRS is not going to call you about taxes owed.
The IRS will publish a checklist in December to help people prepare for taxes at the end of the year.
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