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Getting The Most Out Of Your Year-End Tax Returns

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It's the busiest time of year for accounting firms as year end tax filing starts. January 31 was the deadline for employers to mail out Form W-2 to their employees and for businesses to furnish Form 1099 statements.

Tax preparation companies like H&R Block are having a busy weekend, possibly seeing 100 or more clients a day as people come in to get back their billions.
H&R Block tax consultant Bob Heyman said things like tax credits can give back big returns, but are often overlooked.

"Some of these credits are thousands of dollars," he said. "There's refundable portions of the Education Credit up to $1,000. There's different credits as it relates to earned income credit and thousands of dollars there that could be potential for certain people."

There are also new laws this year that affect taxes such as the healthcare reform, increased Medicare tax for high income earners, and credit threshold changes that need to be looked over carefully in order to get the correct returns.

The cost for having a consultant look over your taxes varies based on how complicated your tax situation is. If you want to save a little money and do it yourself, Heyman recommended making sure you do your research and read over the forms' instructions carefully.

Once the IRS approves and processes your returns, those returns should come in in about eight to twenty-one days. Individual tax returns are due by April 15.


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