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
Will Fewer Audits Lead to More Cheating?
There’s an old saying that cheaters never prosper. Of course, there are probably many people who have gotten away with cheating that would beg to differ. When it comes to taxes, however, it’s always best to avoid cheating. Surely, some people do get away with it, but if you ever get caught it could cost…
Could a Trust Be a Good Way for the Wealthy to Save on Taxes?
When you think of trusts, what comes to mind? While many people think of a financial account that is set up as part of an estate plan, there are a couple of little-known trusts that taxpayers, especially the wealthy, can use to help them save on their tax bill. These trusts are perfectly legal and…
How to Avoid Tax Preparation Scams
With so much to do and so many other important things to worry about, many people will be looking for help over the coming weeks and months with their income tax returns. While some people might just choose the first name they see to file their taxes, whom you choose can actually make a big…
What Steps Lead to an Effective Estate Plan?
Do you have an estate plan? A lot of people don’t, for a lot of different reasons. Some people would rather not discuss their death under any circumstances, other people think they are too young to worry about an estate plan, while others just don’t know, or aren’t, sure where to begin. However, it’s a…