As your tax preparers we are standing by to assist you when filing your 2017 income tax.  There is new information for taxpayers to be aware of when filing their 2017 income tax returns.  The Internal Revenue Service (IRS) is asking taxpayers to review and keep in mind new tax law changes involving refunds.

The IRS Encourages Taxpayers to Plan Ahead

• Individual income tax filing opens January 23, 2017, the IRS will begin accepting and processing income tax returns on that date; tax preparers with e-file open their tax season January 16, 2017.
• The due date for taxpayers to file their 2016 returns this year is April 18, 2017.
• Filing occurs later as traditional due date of April 15^th falls on a weekend followed by a legal holiday.
• IRS expects similar return numbers from 2016 to 2017 as more than 70% are expected to receive a refund.
• Some taxpayers will see delays when they file for the 2017 tax season.
• New law will hold refunds for taxpayers with Earned Income Tax Credit and Additional Child Tax Credit until February 15^th.  Allowing time for the IRS to match information from forms on W-2 and 1099 with information reported on tax returns.
  • Earned Income Tax Credit is a benefit for employees who have low to moderate income.  This credit reduces the amount of tax an individual owes and may result in a refund.
  • Additional Child Tax Credit is a refundable credit you may receive it if your Child Tax Credit is greater than the amount of taxes you owe.
• Mandatory delay will affect approximately 10% of taxpayers with additional delays past the February 15^th date.  IRS states many taxpayers may not have access to their refunds until the week of February 27^th due to weekends and holidays.
• Choosing E-File and direct deposit for refunds remains the safest and fastest way to file an income tax return.
• You still must meet the tax obligation for carrying health care coverage either through the Affordable Care Act or private insurance.
• IRS encourages taxpayers to file as they normally would, even if they are claiming Earned Income Tax Credit and Additional Child Tax Credit.
• The IRS.gov and IRS2Gp phone app “Where’s My Refund?” will show projected deposit dates only after February 15^th.

We are here to assist you in filing your 2017 income tax returns.  Feel free to stop by our office to clear up any doubts or questions you may have.