Filing 2012 Taxes in Burnsville: What You Need to Know

If you're not comfortable using TurboTax and TaxAct.com to file your taxes online, we've put together a list of some local tax professionals who can help you out (below). But call soon for an appointment because the deadline is approaching fast.

When you file your 2012 taxes, you might want to start planning for these tax changes that will affect your 2013 filings. Here are some highlights of what's different: 

• Beginning in tax year 2013 (generally for tax returns filed in 2014), a new tax rate of 39.6 percent has been added for individuals whose income exceeds $400,000 ($450,000 for married taxpayers filing a joint return). The other marginal rates—10, 15, 25, 28, 33 and 35 percent—remain the same as in prior years. The guidance contains the taxable income thresholds for each of the marginal rates.

• The standard deduction rises to $6,100 ($12,200 for married couples filing jointly), up from $5,950 ($11,900 for married couples filing jointly) for tax year 2012.

• The American Taxpayer Relief Act of 2012 added a limitation for itemized deductions claimed on 2013 returns of individuals with incomes of $250,000 or more ($300,000 for married couples filing jointly).

• The personal exemption rises to $3,900, up from the 2012 exemption of $3,800. Beginning in 2013, however, the exemption is subject to a phaseout that begins with adjusted gross incomes of $150,000 ($300,000 for married couples filing jointly). It phases out completely at $211,250 ($422,500 for married couples filing jointly).

• The Alternative Minimum Tax exemption amount for tax year 2013 is $51,900 ($80,800, for married couples filing jointly), set by the American Taxpayer Relief Act of 2012, which indexes future amounts for inflation. The 2012 exemption amount was $50,600 ($78,750 for married couples filing jointly).

• The maximum Earned Income Credit amount is $6,044 for taxpayers filing jointly who have three or more qualifying children, up from a total of $5,891 for tax year 2012.

• Estates of descendents who die during 2013 have a basic exclusion amount of $5,250,000, up from a total of $5,120,000 for estates of decedents who died in 2012.

• For tax year 2013, the monthly limitation regarding the aggregate fringe benefit exclusion amount for transit passes and transportation in a commuter highway vehicle is $245, up from $240 for tax year 2012. The legislation provided a retroactive increase from the $125 limit that had been in place.

For more background on 2013 tax changes, check out this list from Business 2 Community.

Here's our roundup of Burnsville businesses that offer tax services:

Associated Tax Services
12959 Eagle Bluff Dr, Burnsville, MN 55337
952-808-6997

Jackson Hewitt Tax Service
1178 Burnsville Ctr, Burnsville, MN 55306
952-428-7300

H&R Block
13937 Aldrich Ave S, Burnsville, MN 55337
651-457-6389

Carlson Richter & Company
12243 Nicollet Ave, Burnsville, MN 55337
952-831-8826

Jay Williams Consulting
13604 Knox Dr, Burnsville, MN 55337
952-895-0293

Wellborn Group
14300 Nicollet Ct, Burnsville, MN 55306
952-892-3231

Kusske Financial Management
11986 Portland Ave, Burnsville, MN 55337
952-895-6963

H&R Block
14250 Buck Hill Rd, Burnsville, MN 55306
651-457-6389

Boyer & Company
14500 Burnhaven Dr, Burnsville, MN 55306
952-435-3437

H&R Block
14621 County Road 11, Burnsville, MN 55337
651-457-6389

MDW Financial
2430 E 117th St, Burnsville, MN 55337
952-882-6243

H&R Block
2000 Williams Dr, Burnsville, MN 55337
952-933-3232

Gilbertson
311 Concorde Pl, Burnsville, MN 55337
952-808-6877

Enestvedt & Christensen
200 Highway 13 W, Burnsville, MN 55337
952-894-7880

DRG Financial Services
14051 Burnhaven Dr, Burnsville, MN 55337
952-892-1121

Carlson Financial Strategies
2418 E 117th St, Burnsville, MN 55337
952-646-9225

Edward Jones - Scott A. Shull
14041 Burnhaven Dr, Burnsville, MN 55337
952-892-5331

Patchin Messner & Dodd
13967 W Preserve Blvd, Burnsville, MN 55337
952-895-1205

Edward Jones - Financial Advisor Chris Peterson
13786 Frontier Ct, Burnsville, MN 55337
952-431-3853

Edward Jones - Financial Advisor Tom Barth
2970 Judicial Loop, Burnsville, MN 55337
952-808-6856

Edward Jones Investments
13786 Frontier Ct, Burnsville, MN 55337
952-431-3853

Edward Jones Investments
14041 Burnhaven Dr, Burnsville, MN 55337
952-892-5331

G. Martin Johnson
12400 Portland Ave, Burnsville, MN 55337
952-881-9758

Minnesota Financial Solutions
201 W Burnsville Pkwy, Burnsville, MN 55337
952-881-3630

Edward Jones - Financial Advisor Jason B. Miller
201 W Burnsville Pkwy, Burnsville, MN 55337
952-890-7205

H&R Block
2001 Cliff Rd E, Burnsville, MN 55337
651-457-6389

Family Financial Services
151 W Burnsville Pkwy, Burnsville, MN 55337
952-890-6611

Albers Law Office
2605 Cliff Rd E, Burnsville, MN 55337
952-894-8899 and 952-270-5562 (mobile)

Do you have a local tax professional you'd recommend? Tell us in the comments. (No advertisements please.)