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Posted on Feb 5, 2013

* February 28 is the deadline for payers to file information returns, such as 1099s, with the IRS. Electronic filers have until April 1.

* February 28 is the deadline for employers to send 2012 W-2 copies to the Social Security Admin. Electronic filers have until April 1.

* IRS extends March 1 filing deadline for farmers and fishermen to April 15.

* IRS offers simplified method for taking a home-office deduction.

* Recent report says Congress has made almost 5,000 changes to the tax law since 2001.

* The tax code contains nearly four million words. Time to simplify?

* Late passage of “American Taxpayer Relief Act of 2012” will delay this year’s tax filing season.

* IRS may not be ready to process certain 2012 tax returns until late February or March.

* The maximum you can put in a health flexible spending account (FSA) this year is $2,500.

* The 7.5% income threshold for deducting unreimbursed medical expenses in 2013 increases to 10% for those under age 65.

* The 2013 social security tax rate on wages and self-employment income is 6.2%, up from last year’s rate of 4.2%.

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