Feeling Taxed this Tax Season? Our Tips Can Help!
Life Insurance as Part of Your Financial Plan
Tax Season doesn't need to be something to dread. Check out our updates and tips!
- Need Help?
- Where's My Refund?
- Uncle Sam's Favorable Stance on Term Life Insurance
With a busy Tax Season under way, the IRS stands ready to help. But with budget and staff cuts creating more pressure, they hope more people will turn to www.IRS.gov for assistance. Here, you can find all sorts of information, forms and resources, including helpful YouTube videos.
The standard deductions for 2013 are:
- $6,100 for singles and married individuals filing separately.
- $8,950 for heads of household.
- $12,200 for married couples filing jointly.
The Affordable Care Act
In most cases, the Affordable Care Act will not affect 2013 tax returns. Next year, when filing 2014 taxes, the individual shared responsibility provision and premium tax credit might play a role in your filing.
Free and Easy: No-Cost Ways to File
The IRS has several ways to help people file for free.
- If you made less than $53,000, you might be able to get free help to prepare your taxes. Check out the Volunteer Income Tax Assistance (VITA) program for free preparation and e-filing. Visit http://www.irs.gov/Individuals/Free-Tax-Return-Preparation-for-You-by-Volunteers.
- The Tax Counseling for the Elderly (TCE) Program offers free tax help to people who are 60 years and over. These IRS-certified volunteers specialize in questions unique to seniors, such as retirement issues, pensions and more. Visit www.irs.gov/Individuals/Tax-Counseling-for-the-Elderly
- Free File offers free tax preparation software to people who earned less than $58,000. Visit www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free
- People who earned $58,000 and higher can take advantage of Free File forms online. It requires a knowledge of how to do taxes, but the forms and filing are free. Visit: www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free
The IRS knows you're eager for your refund. The fastest way to receive it is to file electronically. If you mail a paper return, the refund slows down considerably.
If you file electronically, you can start checking the status of your refund within 24 hours. (If you mailed your return, you must wait 4 weeks to start checking.) For more information, visit "Where's My Refund?" at www.irs.gov/Refunds
There are plenty of advantages to Term Life Insurance, starting with its affordable cost. But another welcome advantage is its tax-free status (according to current tax laws). Your beneficiaries receive the full amount of the policy, and are not subject to tax. They get the entire amount to use as they please.
While you're preparing your taxes and have your financial hat on, why not use this as the time to purchase a term life policy or review your current coverage? Our licensed agents will be happy to discuss your needs and budget at no cost, and with no sales pressure.