When it comes to tax season, every year is a little different. Laws change, some benefits kick in while others end, and natural disasters can have an impact on your tax return.

The deadline for filing your taxes is April 15, 2013. While this is the normal deadline, there are some important new things you should know for the 2013 tax season.

Tax Season Started Late This Year

The 2013 tax season started about a week later this year due to tax law changes enacted by Congress at the beginning of January. Most people can file their individual income tax returns starting January 30, but you might have to wait until the end of February or March if you’re filing certain forms, including:

• Form 5695 (Residential Energy Credits - PDF)
• Form 4562 (Depreciation and Amortization - PDF)
• Form 3800 (General Business Credit - PDF)

The IRS has a complete list of forms it will begin accepting in late February or March.

Tax Relief for Disaster Survivors

The IRS offers tax relief programs to individuals and businesses affected by disasters such as flooding, earthquakes, wildfires, and hurricanes, including last year’s Hurricane Sandy. Tax relief can include some of the following help:

• Additional time to file your taxes
• Additional time to pay your taxes
• Quick tax returns for losses related to disasters

New Process to Apply for an Individual Taxpayer Identification Number (ITIN)

Individual Taxpayer Identification Numbers are issued to people who want to file their taxes but do not have a Social Security Number.

Starting January 1, 2013, important changes were made to the application process, including the following:

• The IRS will only accept original identification documents such as passports and birth certificates or certified copies from the agency that issued them
• Notarized copies of documents will not be accepted
• New Individual Taxpayer Identification Numbers (ITINs) will be valid for a period of five years

The IRS offers more information about Individual Taxpayer Identification Numbers (ITINs) on its website, including how to apply for one and where to get help.

Scams and Fraud

While tax seasons can vary slightly each year, there’s one thing that rarely changes: scammers are always trying to steal your personal information.

Identity theft is one of the most common types of fraud. It often starts when a scammer sends out an e-mail pretending to be the IRS and asks for your personal information. It’s called phishing and may also occur through other types of electronic communication such as text messages, so be careful.

The IRS does not initiate communications via e-mails and provides these tips to help you protect your personal information. The IRS also explains what you should do if you receive a message supposedly from the IRS on its website.

The IRA contribution limits were increased for 2013. Find out what the new maximum contribution is.

Whether you’re interested in investing for the first time or whether you’ve been investing for years, the U.S. Securities and Exchange Commission (SEC) has advice on how you can get the most from your investments.

Checking the background of an investment professional is easy and free.

Details on an investment professional’s background and qualifications are available through the Investment Adviser Public Disclosure website and FINRA BrokerCheck. If you have any questions on checking the background of an investment professional, call the SEC’s toll-free investor assistance line at (800) 732-0330.

Diversification can help reduce the overall risk of an investment portfolio.

By picking the right mix of investments, you may be able to limit your losses and reduce the fluctuations of your investment returns without sacrificing too much in potential gains. Some investors find that it is easier to achieve diversification through ownership of mutual funds or exchange-traded funds rather than through ownership of individual stocks or bonds.

Promises of high returns, with little or no associated risk, are classic warning signs for fraud.

Every investment carries some degree of risk and the potential for greater returns comes with greater risk. Ignore so-called “can’t miss” investment opportunities or those promising “guaranteed returns” or, better yet, report them to the SEC.

Some investments provide tax advantages.

For example, employer-sponsored retirement plans and individual retirement accounts generally provide tax advantages for retirement savings, and 529 college savings plans also offer tax benefits. Individuals who are interested in learning about the tax impact of their investment decisions should consult their tax adviser or visit the IRS website.

Active trading and some other very common investing behaviors actually undermine investment performance.

According to researchers, other common investing mistakes include focusing on past performance, favoring investments from your own country, region, state or company, and holding on to losing investments too long and selling winning investments too soon.

Find more tips and advice for keeping your money safe and growing your investments from the SEC’s 13 Things Everyone Should Know About Investing.

At the end of fiscal year 2011, the federal debt totaled $14.8 trillion.

The debt limit determines when the U.S. Department of Treasury can or cannot borrow money to cover the country’s debts.

Learn more about the federal debt and the debt limit in Federal Debt 101, from the Government Accountability Office.

Minimum Payments on Credit Cards

Video description

What happens when someone makes just the minimum payment on a credit card balance.

Video transcript

Voice over: On the hottest day of the year, Marta’s air conditioner broke. Marta decided it was an emergency. So she went to the store to buy a new air conditioner. Marta didn’t have enough cash, so she used her credit card. The air conditioner cost $300. That evening, her family was cool and happy.

The next month, Marta got her credit card bill for the $300 air conditioner. Marta had it in her budget to pay $15 each month until she finished paying for the air conditioner. $15 was her minimum payment.

Then, every month, Marta sent the minimum payment. But Marta’s balance didn’t go down $15 each month. The credit card company added interest to her balance every month. The annual interest rate on Marta’s credit card was 23 percent. So the credit card company added interest to Marta’s balance every month.

It took Marta more than 2 years to pay for the air conditioner, because she paid only the minimum payment. At the end of 2 years, Marta had paid $382: $300 for the air conditioner and $82 in interest.

Video from the Federal Trade Commission