Community Corner
Spring Means Tax Season
The deadline to file for a tax refund is extended to April 18 this year because of an April 15 holiday in Washington, D.C.
Spring is all about the ground and trees sprouting an abundance of green.
But spring isn’t the only season that can make green appear. There’s a man-made season that can make a lot of green appear -- in wallets.
Tax season is in full swing for another few weeks, and the chance to get money back from Uncle Sam is still out there.
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Victoria Capone of Capone’s Tax Service in Ambridge said now is as good a time as any to file for a tax return. Unlike most years, Capone said there’s no clear advantage for people who file early or late this year, largely because of e-filing.
Capone said e-filing is a mandatory step for all tax preparers who file more than 100 tax returns in 2011, adding that e-filing makes the process faster for the Internal Revenue Service. The faster the IRS can process returns, the more quickly people receive their tax refunds.
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“The e-file is what it is: It’s wonderful,” Capone said.
The filing process may be a little faster, but some aspects of tax season haven’t changed. Capone said there aren’t many changes regarding tax credits. Many tax credits were extended from prior years, keeping that part of the process fairly straightforward.
There were some changes, however, that might leave some people questioning why they aren’t getting as large a tax return as they did in the past, Capone said. In 2010, the federal government began withholding less money from paychecks throughout the year.
“The government doesn’t want you to have all this money coming back at the end of the year,” Capone said, adding that the government wants people to break even at the end of the year. Effectively, that means the government “made money on your money” but didn’t have to pay interest, she said.
The deadline to file for a tax refund is April 18 this year because of a holiday falling on April 15. Washington, D.C., will celebrate Emancipation Day on April 15, a day earlier than normal, since April 16 falls on a Saturday. That means Tax Day moves forward one business day this year.
But Capone said not to wait too long.
“Get in here as soon as possible!” she said with a chuckle.
For those folks who really plan ahead, Capone said it’s never too early to make an appointment and beat the rush next year.
“Call in January. I don’t care if you’re coming till March. Call in January!”
