Are You Ready for the 2018 Tax Filing Season?

Are You Ready for the 2018 Tax Filing Season?

The tax season is just about here and that means it’s already past time to start getting ready to file your return. With that in mind, here are some tried and true tips that you can use to help you get prepared.

First off, start gathering all the important documents you will need to file your taxes. That includes W-2 Forms, 1099 Forms, and any other tax forms you receive. It’s also a good idea to gather pay stubs, receipts, bank statements, and any other paperwork that you will use to file your return. It’s never a bad idea to have a copy of the previous year’s return, as well.

If you have an Individual Taxpayer Identification Number (ITIN) it might also be time to renew it. According to the IRS, any ITIN not used on a tax return in the past three years will expire on Dec. 31, 2017. Similarly, any ITIN with middle digits 70, 71, 72 or 80 will also expire at the end of the year. Anyone with an expiring ITIN who plans to file a return in 2018 will need to renew it using Form W-7.

This is an important step because if it’s not renewed, your refund could be delayed and you could lose important tax benefits.

Here is another thing to be aware of. The IRS cannot issue refunds for any taxpayers that claim the Additional Child tax Credit or Earned Income Credit before mid-February. So even if they file early, these individuals will not see their refund until around February 27, at the earliest.

Lastly, the IRS recommends using e-file in order to get your refund quicker and to use direct deposit as the safest way to receive your refund.

We hope you found this article about “Are You Ready for the 2018 Tax Filing Season?” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

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Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

GROCO.com is a proud sponsor of The American Dreams Show.

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.