What to Look Forward to When Filing Taxes

April 1, 2013 Updated Apr 1, 2013 at 11:30 PM EDT

By WKBW Admin

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April 1, 2013 Updated Apr 1, 2013 at 11:30 PM EDT


Buffalo, NY (WKBW) - The deadline for filing your tax return is in just two weeks.

For procrastinators expecting the worst, there could be a pleasant surprise waiting for you.

Tax expert Esther Gulyas says "Parents with kids in college or parents with kids paying student loan interests -- they can breathe a sigh of relief."

Congress renewed the American Opportunity Tax Credit and Thousand Dollar Child Tax Credit.

This means that parents with children in college could save thousands of dollars this year.

Those going green could also save big bucks by qualifying for energy credits.

Most tax rates are staying the same this year. However experts warn that some people need to start saving money and preparing for 2014.

"If you are more affluent you will be paying a higher Medicare tax than everybody else," Gulyas warns.

Medicare taxes will go up for the wealthy.

Some of the more affluent could see tax rates jump from 35-percent to nearly 40-percent.

President Obama's health care plan could also hit in the pocket anyone who does not have health insurance.

"The penalty starts out very small," Gulyas explains. "The penalty the year after that gets very big -- around 900 dollars."

By 2016, families without health insurance could face up to two-thousand dollars in fines.

Tax experts are now making sure their customers know to have health insurance.