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How Much Will We Get Back On Our Taxes Next Year? – Haley

“Dear Jim,

My husband is the only one that works and we have 4 children. He has made 51,000 and paid in 8,100 since February.

Hi I am wondering if you could tell me approximately how much we will get back in 2013.

Haley”

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The Answer

Haley:

To get a “rough” estimate of your 2012 refund, you can use a 2011 “tax estimator” – see TurboTax’s tax caster.
Your particular circumstances will determine your refund estimate.

One word of caution. Do not rely much on early estimates. Why? We expect to see changes to the tax code by the end of the year. Most of the expired tax cuts are into effect for the 2013 returns (that are filed in 2014), but we have seen many late changes in November and December, especially in the last 4 years. Look for more this year.

Thanks for the question.

Jim

How Much Will We Get Back On Our Taxes Next Year?   HaleyJim Buttonow is one of the resident debt experts here at GetOutOfDebt.org that helps people for free. Jim is a licensed CPA who spent 19 years with the IRS coordinating large compliance teams of IRS agents and specialized personnel. In the last 5 years, Jim has invented consumer and practitioner software and treatises on how to address many different tax issues. He has also represented many people before the IRS examination, collection, filing, and appeals functions. He currently assists taxpayers on an active pro bono tax practice aimed at serving people in need. He can be reached at IRSMind.com.

If you have a tax question you’d like to ask just use the online form. I’m happy to help you totally for free.

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About Jim Buttonnow

Jim Buttonnow
Jim Buttonow, CPA/CITP, is cofounder of Beyond415. He has more than 26 years of experience in IRS practice and procedure. Reach Jim at [email protected].

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