Tax Season is Here

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By Kyle Markley - email

One of the side effects of the fiscal cliff legislation signed earlier this month will be a larger tax return, at least for this year.

"They're going to retain the child tax credit, but it goes away for 2013. So that means they will have less money that they have to pay taxes on this year and more money they have to pay taxes on next year," said Beverly Webb of Jackson Hewitt Tax Service.

After temporarily dropping to 4.2% in 2011, the social security tax has risen back to 6.2% and because of this most of you are probably aware that your paychecks have gotten a little bit smaller.

The delay in congressional action could mean confusion for some taxpayers over what credits and deductions still exist. Tax experts like Beverly Webb at Jackson Hewitt say it's not a bad idea to have a professional look over your return before submitting it, but a majority of the changes due to the fiscal cliff agreement won't apply to most Americans.

"Most of the things that happen in the fiscal cliff don't pertain to the normal everyday American. It pertains to those that make over $100,000 or more," Webb said.