From The Holiday Season To Tax Season

Tallahassee, Fla. 1-10-13

Tax season is right around the corner.

THE IRS has pushed back the first day of filing to January 30 to make changes required by the new fiscal cliff deal. The American Taxpayer Relief Act of 2012 won't impact how much the government will collect from the majority of taxpayers.

For most individuals, the legislation permanently extends the lower federal income tax rates that have existed for the last decade. Beginning in 2013, individuals with the income higher than $400,000 ($450,000 for married couples filing tax returns the rate will increase to 39.6% from 35%.

Because of the late start to tax season, anyone looking for a tax refund might have to wait according to certified financial planner Bruce Hagan.

"If you're one of those fortunate people looking at a refund you know you might be a couple of weeks longer in getting that this year than what you're accustomed to," said Hagan.

Tax day once again is on April 15.


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