Have you done your taxes yet?
The April 15 deadline is fast approaching and for those looking for free help, Baldwin Public Library is hosting its last income tax prep session next week.
During the program, to be held from 9:30 a.m.-1 p.m. Thursday, April 4, certified AARP tax aid counselors will be on hand to assist taxpayers with middle to low income, with special attention paid to Birmingham-area seniors. The counselors will help in filing state and federal returns.
Those looking for help are asked to bring all tax returns from last year, along with all supporting documents for this year. To make an appointment, call 248-554-4650. Walks-in are also accepted though those with appointments are given preference.
Tips and tricks for filing your taxes in 2013
If you haven't yet started filing your taxes for 2012 (or are already thinking ahead to next year's returns), here's a few other tips you need to know:
- Beginning in tax year 2013 (generally for tax returns filed in 2014), a new tax rate of 39.6 percent has been added for individuals whose income exceeds $400,000 ($450,000 for married taxpayers filing a joint return). The other marginal rates—10, 15, 25, 28, 33 and 35 percent—remain the same as in prior years. The guidance contains the taxable income thresholds for each of the marginal rates.
- The standard deduction rises to $6,100 ($12,200 for married couples filing jointly), up from $5,950 ($11,900 for married couples filing jointly) for tax year 2012.
- The American Taxpayer Relief Act of 2012 added a limitation for itemized deductions claimed on 2013 returns of individuals with incomes of $250,000 or more ($300,000 for married couples filing jointly).
- The personal exemption rises to $3,900, up from the 2012 exemption of $3,800. Beginning in 2013, however, the exemption is subject to a phaseout that begins with adjusted gross incomes of $150,000 ($300,000 for married couples filing jointly). It phases out completely at $211,250 ($422,500 for married couples filing jointly).
- The Alternative Minimum Tax exemption amount for tax year 2013 is $51,900 ($80,800, for married couples filing jointly), set by the American Taxpayer Relief Act of 2012, which indexes future amounts for inflation. The 2012 exemption amount was $50,600 ($78,750 for married couples filing jointly).
- The maximum Earned Income Credit amount is $6,044 for taxpayers filing jointly who have three or more qualifying children, up from a total of $5,891 for tax year 2012.
- Estates of descendents who die during 2013 have a basic exclusion amount of $5,250,000, up from a total of $5,120,000 for estates of decedents who died in 2012.
- For tax year 2013, the monthly limitation regarding the aggregate fringe benefit exclusion amount for transit passes and transportation in a commuter highway vehicle is $245, up from $240 for tax year 2012. The legislation provided a retroactive increase from the $125 limit that had been in place.
Still need help?
The library has dozens of tax forms, with instrutions, available for pick-up at the library's front entrance. To check which forms are available, call 248-554-4650, or visit www.baldwinlib.org/taxes for even more resources.
Plus, check out these tax services around town, or visit our Directory for more:
- H&R Block
1185 S. Adams Rd.
- American Tax Systems
859 Forest Ave.