It’s tax season. If you’d hoped to file right away to get a quick refund, you may be out of luck if you are claiming such things as an energy-efficient-home credit, residential energy credits in general or a mortgage interest credit.
That’s because Congress’s last-minute fiscal cliff agreement in early January forced the IRS to get a late start on modifying the forms associated with those programs to reflect the tax law changes. Those forms are not expected to be available until late February or early March. If you’re in that boat, check http://www.irs.govduring the next few weeks for an announcement about when they will be ready.
Want to appeal your property tax rate? Contact the appraisers at www.scappraisals.com.
Homeowners, though, will get some breaks. First, for the present at least, Congress did not modify or repeal your right to deduct the mortgage interest you pay. There are, however, some limitations for high-income earners. If you are single and earn more than $400,000 (or more than $450,000 if married), personal exemptions will be phased out and itemized deductions will be limited. If you fall in that category, you must discuss your specific situation with your tax and financial advisers.
Read more at: http://www.washingtonpost.com/realestate/2013/01/31/a33e1e4e-6649-11e2-93e1-475791032daf_story.html
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