Get Ready for 2017! Take Steps Now for Tax Filing Season

The New Year is coming, which means so is the tax return deadline. Get ready today to file your 2016 federal income tax return by contacting us now and reading this blog post

 

Individual Tax Identification Number

 

·      Processing delays are to be expected for filers with expired ITINs

·      There are two reasons why your ITIN would expire December 31st-

1.     You have not used yourITIN on a U.S. tax return at least once for tax years 2013, 2014 or 2015 or

2.     If your ITIN has the middle digits

·      You can renew your ITIN now if it has expired and you plan to use it on your U.S. tax return

·      No action is needed by expired ITIN holders who don’t need to file a tax return next year

·      There are new documentation requirements when applying for or renewing an ITIN for certain dependents

·      To avoid delays, ensure accurate W-7 and valid ID documents are submitted

 

Refunds

 

·      Expecting a refund? Some Refunds must be held until February 15th

o   Due to a new tax law change, the IRS cannot issue refunds before Feb. 15 for tax returns that claim the Earned Income Tax Credit or the Additional

o   This applies to the entire refund, even the portion not associated with these credits

·      Though the IRS issues more than nine out 10 refunds in less than 21 days, some returns are held for further review.

·      Be careful not to count on getting a refund by a certain date, especially when making major purchases or paying other financial obligations.

·      You don’t need to wait until Feb. 15 to file your tax return. While the IRS must hold the refund until Feb. 15, it will begin taking the steps it normally does to process your tax return once the filing season starts.

·      File a complete and accurate return and include all known refundable credits with your original return.

·      Check Where’s My Refund on IRS.gov or the IRS mobile app, IRS2Go , after February 15 for your personalized refund status.

 

For more help on your tax contact us no

alistair bambridgeComment