March madness has arrived and I'm not talking college hoops. It's March tax madness, that that crazed time of the year when millions have filed their tax returns and are anxiously awaiting refunds and millions are still working on their 1040s.
The Internal Revenue Service also has been doing extra work this year, revising forms to match up with law changes made in the American Taxpayer Relief Act (ATRA) passed earlier this year. But it's almost done. The agency says it will finish updating all the forms next week.
So how's filing season going for you? If you're just now focusing on your return, here are some things to think about.
More of us each year are going electronic at tax time. That includes not only e-filing, but paying any taxes you owe electronically. The IRS' Electronic Federal Tax Payment System (EFTPS) is a handy option. But if you want to use it to settle your 2012 tax bill (or pay estimated taxes), you need to sign up soon.
The Vernal Equinox arrives March 20. Are you ready for some spring cleaning? Don't just dump the stuff. If it's in good or better shape, give it to a qualified charity. Your favorite nonprofit gets to add to its thrift store inventory and you could get a tax deduction. Just remember to get a receipt!
And if March's warming weather has you worrying about whether your air conditioner will make it through another summer, Uncle Sam might be able to help. The tax credit for making your home more energy efficient is back. It expired at the end of 2011, but ATRA renewed it, both for 2013 and retroactively for the 2012 tax year.
Those are just a few of the tax tasks you can take care of this month. Find more in the March Tax Moves listed over in the ol' blog's right column.
Just scroll down a bit and you'll find the scoop under the clock counting down to tax day.
Yes, April 15 is getting closer, but you still have time in March to take some tax-saving steps.
