New Year Means New Tax Season: What You Need To Know

As the New Year begins, W-2’s start coming in the mail and tax season will soon be fully underway.

This tax season, advisors say some things are different from last year.

With recent changes in healthcare, it is important to make sure you have the correct health insurance forms.

If you’re covered by Obamacare, there is one specific form you will need.

“What they need would be a 1095-A which is the one that tell us that they had health insurance through the marketplace,” said Louella Alberto, Tax Advisor at H&R Block.
 
If you were covered by an employer, not much will change.
 
“That usually shows on their W-2 so that should have everything okay with that,” said Louella.
 
Tax advisors say if you’re one of those who usually wait till the last minute you may not want to.
 
Doing so puts you at a higher risk for identity theft.

Someone could steal your identity, file taxes in your name, and steal your refund.
 
“You don’t want to be one of those victims so file early so you can have it all taken care of before you become a victim, we’ve had a lot of those happening in the last couple of years,” said Alberto.
 
Besides expecting a good refund this year, one early filer we spoke to says she got taxes done early to avoid just that.
 
“And I heard that’s also really good to get it done early, because it reduces your risk from someone else being able to steal your social security number. Once your filed no one else an file as you so I thought it would be nice to get I all done,” said Michelle Fitchorn, who filed her taxes early.
 
According to H & R Block, in 2012 alone over 1 million people were victims of identity theft during tax season.
 
Tax advisors say it is also good to file early, because appointments are more available.