Lyndsay George

CPA at Croce & Co. Accountancy Corporation

Tax season has finally arrived, which means many are scuttling to recover lost receipts and crossing their fingers that they'll be getting money this year and not shelling it out. We spoke to local CPA, Lyndsay George, for some tips on making tax season more manageable.

What is the general timeline for taxes?
Employers have till the end of January to send out W-2s. You should get them by the end of January or early February. The deadline to have your taxes filed is April 15th.

How long does it take to get your money back (or find out how much you owe)?
That depends on when you file the return. It also depends on if you electronically file, or if you paper file. Getting them back should take anywhere from three to six weeks, as long as there are no problems. If you file in February, you'll get it back sooner. If you file on April 15th, it's probably going to be six weeks or more because everybody's filing at the same time. The earlier you file the better.

What are some things people often forget to claim that could help them get more money back?
If you have a home, you can deduct mortgage, interest, and property taxes. On top of that you can also deduct a portion of your DMV registration fees, and sales tax for 2011. If you bought big ticket items that have a lot of sales tax, 2011 is the last year you can deduct that. You can deduct your cash or non-cash charitable donations, medical expenses, your health insurance costs, and unreimbursed business expenses.

What can people do to prepare throughout the year so tax time goes more smoothly?
I would keep all your receipts for items that are tax deductible. Keep organized records of the items that go on your return. If you keep it all together in a folder, it's going to be easy once you get your W-2 and 1099 to just grab that folder and bring it to your CPA. Sometimes CPAs will send you a tax organizer. If you're going to a CPA for the first time, ask them for one. It's basically a little packet, you can fill it with all your information like how much you make, your job position, your withholdings, if you have any rentals or expenses, and it's a guide of all the taxable expenses that we can deduct.

Can CPAs get you more money than if you filed your taxes yourself?
We tend to get more money because we are more up to date. Every year the tax law changes and there are different credits issued for different reasons. The average person isn't going to know that information. We are required to go to classes, keep up on our education, and we receive e-mails from the IRS and the state updating us on tax laws and tax credits.

For more information: croceco.com