Tax season arrives, what you need to know - KTIV News 4 Sioux City IA: News, Weather and Sports

Tax season arrives, what you need to know


Tax season is here. Starting January 30th you can file your individual tax returns with the Internal Revenue Service (IRS).

Barry Frantz is a partner at Terry Lockridge & Dunn, an accounting and business consultant firm. Tax season is busy season.

"We've already started to get hit pretty hard," said Frantz. "It it will get even harder in February and in March."

Tax season is delayed this year. That's because the IRS had to tweak forms after congress passed a fiscal cliff deal. Experts say the delay actually brings good news for you.

"The child tax credit stayed at $1,000, dependent care credit stayed intact, the American opportunity credit, the education credits, all the major tax credits were extended," said Frantz.

Experts say to save yourself some money, make sure you remember all the deductions that you qualify for. For example, if you use your cell phone for work, you can write off the business part of that expense.

"Many of those miscellaneous, itemized deductions, business expenses, would be your cell phone, mileage if you're on a business trip that you're not reimbursed, any kind of office supplies that you use at home for your job," said Frantz.

Frantz says a common missed deduction is the dependent care credit. He says many clients don't think of it because they don't send their kids to daycare. However, summer day camps also count.

Experts say because the tax filing date is slightly delayed this year, you'll also receive your returns later than you usually do.

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