After the fiscal cliff was averted, there were some changes made to the American Taxpayer Relief Act (ATRA) by Congress. As a result, the Internal Revenue Service (IRS) announced that Americans can now start to file for their individual taxes starting January 30 of this year. (Source: “IRS Plans Jan. 30 Tax Season Opening For 1040 Filers,” Internal Revenue Service web site, January 8, 2013, last accessed February 15, 2013.)
At the same time the announcement was made, the IRS also encouraged individuals to file for taxes online, because it’s the quickest way. In addition, the agency for tax collection also reported that last year, more than 80% of Americans filed their taxes electronically.
The deadline to file for individual taxes this year is April 15. (Source: “Tax Day by Tax Years – 2013 Tax Due Dates and Filing Deadlines for 2012 Tax Returns,” efile.com, last accessed February 14, 2013.)
Having said that, filing for taxes can sometimes be a hassle. You have to look at your expenses, how much you earned, and other related information. If you file your own taxes, then the calculations become much more rigorous—finding capital gains on the investments and calculating your dividend income are just a couple of the things you need to worry about.
But, as difficult as it may be, there are ways you can profit from it. Look at companies like H&R Block, Inc. (NYSE/HRB), for example. This company is involved in the space for individual tax preparation and other related activities in the United States, Canada, and Australia.
H&R Block is unique in the sense that it operates through retail … Read More