Tax Time!

Washington

The Internal Revenue Service and partners from the states and tax industry reminds taxpayers that the nation’s 2017 individual income tax filing season opens Jan. 23.
The IRS expects more than 153 million tax returns to be filed this year and taxpayers have until Tuesday, April 18, 2017, to file their 2016 tax returns and pay any tax due. The deadline is extended because the Emancipation Day, a holiday in Washington, D.C., will be observed on Monday, April 17, pushing the nation’s filing deadline to April 18.

The tax laws change quite often. If you are not in that line of business it is very easy to miss some important opportunities you may have while filling taxes. We can start with the basics. What are W-2’s? The IRS requires employers to report wage and salary information for employees on Form W-2. Your W-2 also reports the amount of federal, state and other taxes withheld from your paycheck. As an employee, the information on your W-2 is extremely important when preparing your tax return.

You have a couple forms you can file when it’s time to complete your taxes:

  • 1040 – U.S. Individual Income Tax Return
  • 1040A – U.S. Individual Income Tax Return
  • 1040EZ – Income Tax Return for Singe and Joint Filers with No Dependents
  • 1040NR – U.S. Nonresident Alien Income Tax Return
  • 1040NR/EZ – U.S. Income Tax Return for Certain Nonresidents Aliens With No Dependents

It is very important to remain in the guidelines of the law when filing taxes. Do not procrastinate, and make sure you get it done. The IRS does offer extensions if needed, never feel pressured. I am listing different companies to assist in filing your taxes. If you do not have many deductibles, you have programs that will help you file your taxes yourself. I only recommend it if you have a small amount of deductions. If you are married, own a home, and/or are parents I suggest seeking professional help (Tax Advisor).

Tax Deductions – A reduction of income that is able to be taxed, and is commonly a result of expenses, particularly those incurred to produce additional income. The difference between deductions, exemptions and credit is that deductions and exemptions both reduce taxable income, while credits reduce tax.

Make sure you have the following ready before filing:

  • Proof of ID
  • Filing status and residency status
  • Social Security Numbers for you, and any dependents
  • A copy of your past tax return
  • Statements of wages earned
  • Statements of interest/dividends from Financial Institutions
  • Proof af any tax credits, tax deductions, or tax exclusions
  • Your account and routing number for direct deposit

Links to file your taxes –

TaxAct

Natashia Thomas

Turbo Tax

H&R Block

2018 Updates – 

The Internal Revenue Service reports that it will begin accepting both electronic and paper returns on Monday Jan. 29, and the official deadline is April 17th.  Many software companies and tax professionals will be accepting tax returns before Jan. 29 and then will submit the returns when IRS systems open. Although the IRS will begin accepting both electronic and paper tax returns Jan. 29, paper returns will begin processing later in mid-February as system updates continue. The IRS strongly encourages people to file their tax returns electronically for faster refunds. – IRS.gov

You can use this tool to help calculate your refund. https://www.efile.com/tax-service/tax-calculator/

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