Every year, it never fails that the government implements changes to the tax laws right before it’s time to file your return. While this year’s tax season is a little delayed because of the shutdown in 2013, you can still begin you return now so it’s ready to file on January 31st. The IRS expects you should get your return within 21 days or less from the day you filed.
Three Ways You Can Be Refunded More
There have been several changes to the tax laws that many people really won’t the effects of. However there are a few that can certainly increase the amount you are refunded. This can be great news if you typically find yourself owing more taxes.
The American Opportunity Tax Credit
This tax break impacts anyone that’s paying college education related expenses. For example, you can receive up to a $2500 credit for tuition and related expenses depending on your income and filing status. It doesn’t matter if it’s your tuition, a spouse, child, or other dependents. Congress extended this credit until the end of 2017.
Alternative Minimum Tax Changes
This change will affect some middle to high income taxpayers. Earlier in 2013, Congress made the “AMT” patch to permanently prevent taxpayers from paying AMT in the future. The exceptions are:
- $51,000 for single and head of household filers
- $80,800 for married couples filing jointly and qualifying widow(er)s
- $40,400 for married people filing separately.
These amounts may change with inflation.
Energy Efficient Credit Changes
If you’re a taxpayer that made any energy efficient changes to your home you may be qualified for a credit up to 30% of the cost of the expense up to $500.
Also, highway-capable battery-powered plug-in vehicles and plug-in hybrids purchased or leased new may be available for a credit up to $7500, depending on the battery capacity. However this credit will begin to fade out after the manufacturer has sold 200,000 qualifying vehicles within the US. Below are listed the vehicles that qualify for this credit during the 2013 tax return season.
|Vehicle Year and Model||Credit Amount|
|2014 Accord Plug-in Hybrid||$3,626|
|2012 AMP GCE & MLE EV||$7,500|
|2011/2012 Azure Dynamics
Transit Connect EV
|2012 BYD e6EV||$7,500|
|2013 Fiat 500e||$7,500|
|2010-2012 CODA Sedan||$7,500|
|2011-2012 EVI Medium Duty &
Walk-in Electric Trucks
|2010 EMC Model E367,
E36t, and E36v
|2012 Fisker Karma Sedan||$7500|
|2012-2014 Ford Focus Electric||$7500|
|2013 Ford C-MAX Energi||$3751|
|2013/2014 Ford Fusion Energi||$3751|
|2011-2014 Chevy Volt||$7500|
|2014 Chevy Spark EV||$7500|
|2013 Mercedes-Benz Smart
|2012 Mitsubishi i-MiEV||$7500|
|2011-2013 Nissan Leaf||$7500|
|2011 Smart Fortwo
Electric Drive Vehicle
|2008-2011 Tesla Roadster||$7500|
|2012 Tesla Model S||$7500|
|2011 Think City EV||$7500|
|2012/2013 Toyota Prius
Plug-in Electric Drive Vehicle
|2012/2013 Toyota RAV4 EV||$7500|
|2011 Wheego LiFeEV||$7500|