$160.
>> HARD TO BELIEVE IT, BUT TAX
SEASON IS UPON US.
AND MANY OF YOU STILL HAVE A LOT
OF QUESTIONS ABOUT HOW TO GET
THE MOST BANG FOR YOUR BUCK.
JOINING US THIS MORNING, JAMES
WASHBURN, HE'S A SENIOR TAX
SPECIALIST WITH R & R BLOCK,
HAPPY NEW YEAR TO YOU, AND, IT
REALLY IS NEVER TOO EARLY TO
START THINKING ABOUT IT AND
START PREPARING, BECAUSE, THE
WORST THING IS TO GET THERE
RIGHT BEFORE THE TAX DEADLINE
EVERYTHING TOGETHER.
AND I KNOW, UNFORTUNATELY, I
HAVE BEEN GUILTY OF THAT MANY
JEERS MANY PEOPLE HAVE.
>>> SO WHAT IS YOUR ADVICE?
WHAT IS THE BIG THING OUR
VIEWERS OUT THERE COULD DO TO
MAKE SURE THEY'RE READY?
>>> WELL, THE FIRST THING IS, TO
GO AHEAD AND GATHER YOUR TAX
DOCUMENTS REVIEW YOUR TAX RETURN
FROM LAST YEAR IF YOU FILED A
TAX RETURN LAST YEAR.
GATHERING TO ANY OF THE THINGS
THAT MAY HAVE AFFECTED CHANGES
THAT COULD BE POTENTIAL CHANGES
BUT THE BIGGEST CHANGES THAT I
CAN SUGGEST IS TO FILE EARLY.
THE EARLIER THE BETTER.
IT HELPS IN PREVENTING TAX
FRAUD, WHICH HAS BECOME A
SERIOUS ISSUE IN THE UNIT
STATES.
AND THIS WILL DEFINITELY HELP TO
PROTECT YOU AGAINST THAT,
BECAUSE THE EARLIER YOU FILE
YOUR TAXES, THE LESS TIME
POTENTIAL THIEVES HAVE TO STEAL
YOUR TAX IDENTITY.
>>> AND THAT IS CERTAINLY A GOOD
THING TO STOP THEM FROM GETTING
YOUR PERSONAL ITEMS AND
POTENTIAL REFUND.
ARE THERE GOING TO BE ANY OTHER
BIG CHANGES THIS YEAR WITH THE
WAY HAVE TO FILE OUR TAX?
>>> THE BIGGEST CHANGE WE SEE
COMING FORWARD HAS TO DO WITH
THE PATH ACT.
THAT IS PROTECTING AMERICANS
FROM TAX HIKES.
WHILE MANY OF THE PROVISIONS
EXTENDED HERE TO -- HERETOFORE
ANNUAL EXTENSION WES HAD TO PUT
UP WITH, THERE ARE NEW
PROVISIONS THAT ARE STATING THAT
IF YOU HAVE EARNED INCOME TAX
CREDITS OR IF YOU HAVE OFFICIAL
TAX CREDITS AND YOU USE THOSE IN
YOUR TAX RETURN, THEY'RE GOING
TO BE DELAYS IN ISSUING REFUNDS.
THOSE REFUNDS WILL NOT BE ISSUED
BEFORE FEBRUARY 15th, AND
THE IRS IS SAYING, PROBABLY NO
FEBRUARY 27th, THAT IS ONE
OF THE BIG DIFFERENCES THAT
WE'RE LOOKING AT THIS YEAR.
>>> THAT IS SOMETHING PEOPLE
NEED TO TAKE INTO ACCOUNT
BECAUSE THEY MIGHT BE EXTENDED
THAT REFUND CHECK AND WILL BE
COMING A LITTLE BIT LATER.
DON'T LEAVE YOUR FINANCES DOWN
TO THE WIRE WHERE THAT IS ALL
>>> THAT'S CORRECT.
THE EARLIER YOU FILE WITH THIS,
THE EARLIER YOU GET IN LINE AND
SO THAT THE EARLIER YOU CAN
EXPECT YOUR TAX REFUND,
ALTHOUGH, WITH THOSE TWO
PROVISIONS AND THAT WILL AFFECT
SOME 15 MILLION TAX RETURNS IT
IS ESTIMATED TO AFFECT THIS
YEAR.
>>> WE HAVE TO TALK ABOUT THE
AFFORDABLE CARE ACT.
THAT PLAYS A FACTOR IN HERE WHAT
DO PEOPLE NEED TO KNOW IN THAT
REAL SYSTEM IN.
>>> FIRST OFF, YOU U THE LAW IS
STILL IN EFFECT THAT THE
PENALTIES FOR NOT HAVING HEALTH
INSURANCE THIS YEAR ARE $695 FOR
THE ADULTS THAT SHOULD BE
COVERED $347.50 FOR THE
CHILDREN, UP TO A MAXIMUM OF $20
KNIFE OR 2. 5% OF YOUR INCOME
MINUS THE FILING THRESHOLD SO
WHICHEVER IS GREATER.
>> THAT IS A LOT OF MONEY
FAMILY.
>> FOR EXAMPLE, A FAMILY WITH
$60,000 INCOME AND FOUR
CHILDREN, THEY COULD FACE UP TO
A $2,000 OR MORE FINE FOR THE
AFFORDSABLE CARE ACT.
NOW WE AT H&R BLOCK CAN HELP
IDENTIFY SEVERAL PROVISIONS
WHICH WOULD ALLOW PEOPLE TO
POSSIBLY GET AN EXCEPTION THERE
ARE DOZENS OF EXCEPTIONS IN
THAT.
AND WE ARE PREPARED TO HELP
THOSE TAXPAYERS EVEN IF THEY
WERE NOT ABLE TO HAVE INSURANCE
FOR THE ENTIRE YEAR.
BUT THE BEST WAY TO ENSURE TO
AVOID THE PENALTY IS TO HAVE
HEALTH CARE INSURANCE.
>>> ABSOLUTELY AND GET THE
EXPERT ADVICE, PEOPLE LIKE YOU
KNOW A WHOLE LOT BETTER THAN
PEOPLE LIKE US, JUST TRYING TO
SCRAMBLE TO GET EVERYTHING
TOGETHER AT THE LAST MINUTE.
HAVE YOU ON THIS MORNING.
THE LAST DAY TO GET YOUR TAXES
IN IS TUESDAY, APRIL 18th.
BY AS YOU HEARD JAMES SAY DO IT
YOU CAN WATCH THIS INTERVIEW IN