Changes coming to your 2013 taxes - FOX 13 News

FOX 5 I-Team

Changes coming to your 2013 taxes

Posted: Updated:
ATLANTA -

Many of you are getting ready to sit at the kitchen table with receipts and paperwork spread out to start preparing your tax return. But before you start, let's look at the changes for 2013.

The biggest changes are for the well-to-do. One CPA is quoted as saying, "People in high income tax brackets are going to get killed this year," then there's the rest of us. Many of us do our own taxes, so grab a pen and paper and jot down these few things.

According to "The Street" an investing, finance and business Web site, the average taxpayer refund is expected to be down this year to $2,600.

Numbers can be boring, but when it is tax time, numbers count. So, listen up; here's a bump for the middle class: Personal exemptions for 2013 actually go up to $3,900.

Debra Borchardt is a markets' analyst for "The Street," "This is focused toward the middle-income families, so if you're adjusted gross income is $150,000 or less, you can take this personal exemption of $3,900."

And this one is big for all of you who work at home. Borchardt says in the past it's been pretty complicated to figure out what breaks you can get.

"You had to take a calculation of square footage and how much you spent on the phone and the Internet and the heating and the insurance, well, they've made it a whole lot easier now. It's called the safe harbor method, and it is square foot times $5. Very simple. Square foot times $5, and it's capped at $1,500."

Let's talk about the Affordable Care Act and how that affects your 2013 return. Well, it doesn't, but the decisions you make this year will matter a lot next time.

"Decisions you make in 2014, in regards to your healthcare, will affect the taxes you do next year, so look closely at the decisions you're making this year," says Borchardt.

Note that the energy efficiency tax break that started in 2008 is about to wrap up. If you haven't already taken this $500 deduction for energy efficient home improvements, this is your last year to do it.

This is a full list, but federally you can get a credit for insulation, roofs and doors. But state guidelines can differ, so look it up and be prepared.

For more information visit: Get Credit for Making your Home Energy Efficient and find out more about Energy Tax Credits here.


SEND US YOUR TAX QUESTIONS

And our resident go-to tax expert, Bill Nemeth and the I-Team's Dana Fowle will answer them, here.

  • I-Team Story ArchiveMore>>

  • Whistleblower lawsuit filed against Adjutant General Jim Butterworth

    Whistleblower lawsuit filed against Adjutant General Jim Butterworth

    Tuesday, July 29 2014 6:20 PM EDT2014-07-29 22:20:13 GMT
    A former TV anchorwoman says she was hired by the Georgia National Guard's top commander to correct mistakes exposed by the FOX 5 I-team.
    A former TV anchorwoman says she was hired by the Georgia National Guard's top commander to correct mistakes exposed by the FOX 5 I-team.
  • Mom confronts Ray McBerry over modeling request

    Mom confronts Ray McBerry over modeling request

    Monday, July 28 2014 10:31 PM EDT2014-07-29 02:31:15 GMT
    A twice-failed candidate for Georgia governor found himself face-to-face with a mother furious over what he was trying to do this month with her teenage daughter.
    A twice-failed candidate for Georgia governor found himself face-to-face with a mother furious over what he was trying to do this month with her teenage daughter.
  • Unresolved bank errors? Help is on the way

    Unresolved bank errors? Help is on the way

    Monday, July 28 2014 8:11 AM EDT2014-07-28 12:11:30 GMT
    Taking on a big bank, even over something like a minor bank error, can be maddening. You feel like no one is listening. It's like being trapped in a maze you can't get out of, but somebody is noticing how frustrating that can be.
    Taking on a big bank, even over something like a minor bank error, can be maddening. You feel like no one is listening. It's like being trapped in a maze you can't get out of, but somebody is noticing how frustrating that can be.
  • Contact the FOX 5 I-Team

    * denotes required fields

    We're sorry, but only one entry is allowed per person.
    Thank you for your continued interest.

    Thanks for contacting FOX 5.  To reach our newsroom by phone, please call (404) 898-0100.

Powered by WorldNow

FOX 13 / WTVT-TV
3213 West Kennedy Blvd.
Tampa, Florida 33609
Main: (813) 876-1313
Newsroom: (813) 870-9630
Fax: (813) 871-3135

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices