Posted: Jan 22, 2013 9:48 PM by Associated Press
Updated: Jan 23, 2013 4:17 AM
WASHINGTON (AP) - Experts say taxpayers preparing to file their 2012 returns should seek some guidance this year because the delay in congressional action on fiscal cliff legislation could mean confusion over what credits and deductions still exist.
The alternative minimum tax or AMT has been patched - permanently - and several tax credits and deductions that technically expired at the end of 2011 were extended as part of the fiscal cliff legislation.
The Internal Revenue Service will begin accepting returns Jan. 30, an eight-day delay necessitated by the late congressional action.
The standard deduction has been adjusted higher for inflation, to $11,900 for married couples filing jointly, $8,700 for heads of households and $5,950 for single taxpayers.
Each personal exemption is worth $3,800 this year, up from $3,700 in 2011.
And taxpayers will have the choice of deducting state and local sales taxes instead of state and local income taxes -- good for states that don't have an income tax.
Click here to submit a news tip to us!
Become a Facebook Fan!
Help those in need this holiday season
Win! Win! Win!
Wise Local Marketing!
Get news, weather and more on your smartphone and tablet!
Get texts for news, traffic, deals and more!
Sign up on KVOA.com for newsletters, exclusive deals, and more!
What's happening on News 4 @ 4
Stories and videos with Kristi's Kids
Check out the latest events FC Tucson has scheduled.
Let us help grow your business
Digital Channel 4.2
What's on KVOA and when!
Contact info for our department heads
KVOA's on air personalities!
Work at News 4 Tucson
Complete feeds of all KVOA.com stories
FCC Public File of Records, Reports, and More