Tax Season Starts Next Week – Are You Ready?
It’s almost here. That glorious time of year known and loved by millions as “tax season.” Of course, the reality is that most taxpayers don’t look forward to this time of year – unless they’re expecting a large return – but even those that fall into this category still don’t look forward to the tax filing process. In any case, love it or hate it, tax season is here. In fact, according to the IRS, the official tax filing season kicks off next week, on January 23 and runs through April 18.
There are some other filing notes to be aware of, as well. Anyone who e-files can submit their return before January 23rd; however, whichever software or online program you use will not actually submit them to the IRS until the 23rd. Additionally, anyone claiming the earned income credit or the additional child tax credit will not begin seeing their refund till Feb 23rd, due to a new law to protect against fraud.
So what can you do to start getting ready? First, there are several key forms that you should be looking for, including W-2s, 1099-Misc and 1099-Ks. These should all arrive by January 31. If you haven’t already begun gathering all your important tax and financial documents then now is the time to get started. If your taxes are complicated, or you’re a high net worth taxpayer then you should contact an experienced and qualified tax professional for help.
http://www.cnbc.com/2017/01/06/tax-season-opens-jan-23-heres-how-to-get-started.html
http://www.12news.com/money/irs-heres-when-you-can-begin-filing-your-2016-taxes/384371099
Most Retirement Plan Dollar Limits Increase for 2007
Most Retirement Plan Dollar Limits Increase for 2007 IRS has announced the 2007 cost-of-living adjustments (COLAs) for retirement plans. Many of the limits applicable to pension, and other retirement plans, increase for 2007. For most of the limitations, the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. Increased limits. The…
Banks Are Reaping the Benefits From Inversions
Banks Are Reaping the Benefits From Inversions Up until now, most of the attention regarding tax inversions has been put on the companies that have been choosing to make these deals. After all, it’s the companies that are saving a bunch of money on their taxes and supposedly cheating the U.S. Treasury out of more…
Simplified per-diem rates boosted for post-September 30 business travel
Simplified per-diem rates boosted for post-September 30 business travel Simplified per-diem rates boosted for post-September 30 business travel Rev Proc 2006-41, 2006-43 IRB Many companies use per-diem rates to reimburse their employees for business travel expenses rather than requiring employees to submit receipts for their expenditure. The IRS recently increased the simplified per-diem rate (high-low…
A Creative Plan to Help Lighten Your Tax Load
A Creative Plan to Help Lighten Your Tax Load Everyone likes to save as much as they can on their taxes every year. Of course, this is a noble goal and everyone should be doing exactly that. Likewise, everyone likes to keep his or her tax return as easy and simple as possible, which is…