04/12/2018
💰 🕖 👔Tax Season Is Upon Us - Tax Tips and Changes!👔 🕖 💰
⛵️🏡Let Us Guide You Home! 🏡⛵️
💰 🕖 👔 Tax Season Is Upon Us - Tax Tips and Changes! 👔 🕖 💰
The 2017 IRS tax filing season began January 29, 2018. On this date, individuals and businesses are able to start filing their 2017 tax returns. According to the IRS, nearly 155 million tax returns are estimated to be processed this year. There are many things individuals can do to prepare themselves for a smooth tax preparation process.
Three Tips for Success
The first step to is to maintain all tax documents in one place, such as a tax file. Tax documents, including W2s and 1099s, are required to be available to taxpayers by January 31, 2018. As these items come in, place them in a tax file to avoid delays when filing your taxes. Taxpayers need to have the prior year’s taxes available, in case information from the previous year is needed to verify the taxpayer’s identity on the current year’s return.
According to the IRS, the most accurate and efficient way to have your taxes processed is the e-file process. The IRS says nearly 90% of all returns are electronically filed. The e-filing process helps reduce errors which can add to the processing time and delays refunds.
The IRS estimates 90% of all direct deposit refunds are processed within 21 days of filing, so many tax professionals recommend taxpayers take advantage of the direct deposit option, if possible.
Changes to Tax Law
Because of changes to the PATH Act that became effective in early 2017, the IRS cannot issue refunds for individuals claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The entire refund, including the portion not related to the credits, will be delayed to allow the IRS more time to detect and prevent fraud related to these refundable credits. The IRS estimates that refunds with EITC or ACTC credits will be available starting on February 27.
There are some new changes to the tax law impacting 2017.
Tax brackets have been adjusted for inflation, beginning in the 2017 tax season. This change may not have a large impact on your tax liability, but it does move the tax brackets. You can view new tax brackets on the IRS website or learn more by reaching out to a tax professional.
The 2017 standard deduction has also increased by $50 for single and head of household filers and by $100 for couples filing jointly. Medical deductions for taxpayers aged 65 and older must now be greater than 10 percent of their Adjusted Gross Income, an increase from 7.5% in previous years.
Due to April 15 falling on a Sunday this year and Emancipation Day on April 16, all 2017 individual tax returns or related extensions must be filed on or before April 17, 2018.
Tax laws are always changing and can be confusing. By utilizing a tax professional, you are taking a step to ensure you are taking full advantage of every deduction due to you. For more deduction information and tax help this season, Contact Christy Koger at Emerald Associates, P.C. - CPAs 405.473.9607 TODAY!⛵️🏡Let Us Guide You Home! 🏡⛵️ Click here>> http://www.compassokc.com/cp/free-money
