With the fiscal cliff averted and the IRS finally processing income tax returns, <\/span>H&R Block<\/a> (NYSE: HRB) offers six tax tips to navigate tax season 2013. Even though the IRS indicated some forms will not be updated until as late as March, 98 percent of all taxpayers should be able to file their returns now.<\/span><\/p>\n \u201cSlightly smaller paychecks and tax season starting later than in the past makes it even more important to make smart money decisions to make ends meet.\u201d said Kathy Pickering, executive director of The Tax Institute at H&R Block. \u201cNo matter how taxpayers want to file their income tax return, H&R Block can help.\u201d<\/p>\n H&R Block, with 11,000 offices, H&R Block At Home\u00ae do-it-yourself solution and mobile apps, helps taxpayers file a return anyway, anywhere, anytime. For the 60 percent of filers who seek assistance from a tax professional, it\u2019s important to note that all H&R Block tax professionals sign every return they prepare. In fact the average H&R Block client is served by a tax professional who has more than a decade of experience and hundreds of hours of training. H&R Block At Home, which serves do it yourself filers, is backed by the first-in-the-industry research and analysis group, The Tax Institute, which includes CPAs, tax attorneys, enrolled agents and former IRS agents.<\/p>\n According to a survey conducted by The Tax Institute, many families already were bracing for the later-than-normal start to the tax season. The survey found that almost 1 in 3 taxpayers planned to use their tax refund to pay long or short-term loans<\/a>, credit cards, holiday bills<\/a> and utilities. Another 13 percent of taxpayers will be putting off spending money on bigger items due mainly to the delayed start of e-filing.<\/p>\n Armed with these are six tax tips about this tax season, taxpayers may be a little more prepared financially this year.<\/p>\n 1. Sticker shock: 2-percent payroll tax holiday ended <\/b>\u2013 All workers get less annual take-home pay compared to last year because the Social Security payroll tax returned to 6.2 percent. That\u2019s more than $80 a month less for someone earning $50,000 a year.<\/p>\n 2.<\/strong> Family friendly tax breaks extended<\/b> \u2013 More than 70 tax provisions that expired Dec. 31, 2011, were extended retroactively. This impacts all income levels and includes many tax breaks for families. Following are some of the more popular extended tax breaks:<\/p>\n 3.<\/strong> Millions eligible to claim casualty losses<\/b> \u2013There were many natural disasters in 2012, including Hurricane Sandy. Claiming a casualty loss as an itemized tax deduction could mean significant tax savings for millions of taxpayers in a federal disaster area. Losses in a federally declared disaster area in 2012 can be claimed on either an amended 2011 return or a 2012 return.<\/p>\n 4. Education tax breaks extended<\/b> \u2013 The American Opportunity Credit<\/a> was extended through 2017. This often overlooked credit allows eligible taxpayers to claim up to $2,500 for each of the first four years of college for each student. Through 2013, the Tuition and Fees Deduction provides a reduction in taxable income of up to $4,000, and the Lifetime Learning Credit<\/a> is worth up to $2,000 per return for post-secondary degree programs. In addition, the tuition and fees deduction, worth up to $4,000 per tax return, was extended.<\/p>\n 5.<\/strong> Energy credits extended<\/b> \u2013 Taxpayers may claim energy-efficiency<\/a> tax credits for the cost of eligible home improvements up to the maximum lifetime credit of $500. Among the eligible improvements are windows, doors and insulation.<\/p>\n 6.<\/strong> Health exchanges will use returns for income verification <\/b>\u2013 The 2012 tax return may be used for income verification for open enrollment for health insurance through government-sponsored exchanges. This process starts in October.<\/p>\n \u201cSome immediate adjustments might have to be made because paychecks are smaller and tax refunds are coming later this year, but taxpayers need to know there are many opportunities for them to capitalize on existing tax breaks,\u201d Pickering said.<\/p>\n H&R Block\u2019s tax professionals prepare and sign their clients\u2019 tax returns, guaranteeing accuracy and the maximum refund. In office preparation services include Second Look\u00ae reviews<\/a>. H&R Block At Home\u2122<\/a> gives do-it-yourself filers the expertise and guidance of The Tax Institute at H&R Block<\/a> on their computers, iPads and smartphones. The new My H&R Block Account<\/a> lets taxpayers upload receipts and other important tax season documents securely, to one place, year-round, for free. The company offers affordable financial products and services through H&R Block Bank, and keeps its offices open and tax conversation going with clients year-round via blogs<\/a>, tweets<\/a> and Facebook<\/a>.<\/p>\n For more information about ways to improve tax outlook, contact a local H&R Block tax professional<\/a>. To find the nearest H&R Block office, visit https:\/\/www.hrblock.com<\/a> or call 800-HRBLOCK.<\/p>\n H&R Block, Inc. (NYSE:\u00a0HRB<\/b>) is the world\u2019s largest tax services provider. More than 600 million tax returns worldwide have been prepared by and through H&R Block since 1955. In fiscal 2012, H&R Block had annual revenues of $2.9 billion and prepared 25.6 million tax returns worldwide. Tax return preparation services are provided in\u00a0company-owned<\/a>\u00a0and\u00a0franchise<\/a>\u00a0retail tax offices by nearly 100,000 professional tax preparers, and through H&R Block At Home\u2122 digital products. H&R Block Bank provides affordable banking products and services. For more information, visit the\u00a0H&R Block Online Press Center<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Nation\u2019s largest tax company provides multiple filing options \u2013 in the office, online, via mobile apps With the fiscal cliff averted and the IRS finally processing income tax returns, H&R Block (NYSE: HRB) offers six tax tips to navigate tax season 2013. Even though the IRS indicated some forms will not be updated until as […]<\/p>\n","protected":false},"author":1,"featured_media":27129,"menu_order":0,"template":"","tags":[],"news-categories":[23363,23366],"class_list":["post-22449","newsroom","type-newsroom","status-publish","has-post-thumbnail","hentry","news-categories-irs","news-categories-refunds-and-payments"],"acf":{"post_rest_thumbnail_alt_id":""},"yoast_head":"\n
\nno income tax<\/li>\nAbout H&R Block<\/strong><\/h3>\n