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
These Tax Breaks Are a Big Boost to the Wealthy
Even though the new presidential administration has already made several tax cut promises that would greatly benefit the wealthy, the fact is, high net worth individuals already benefit from several tax breaks that favor the rich. In fact, there are numerous ways that the wealthy can, and are already saving on their tax bill.…
Huge Decisions Loom for Lawmakers on Obamacare Taxes
One of the biggest calling cards of the Republican Party for the last several years, including President Donald Trump, has been to repeal the Affordable Care Act, also known as Obamacare. Although Obamacare has faced much opposition throughout its existence, recent polls suggest that most Americans don’t want it repealed, especially if there is…
Taxes: DIY or Hire a Professional?
Are you struggling with that ever-so-common question at this time of year: When will the sun come out again so I can play golf? Not that question. This one: Should I do my taxes myself or hire a professional? This is a very important question because the consequences of your choice can be significant.…
How to Avoid Capital Gains Taxes
For many of the nation’s high net worth individuals, much of their wealth comes from capital gains. Capital gains are better than income because they are taxed at a much lower percentage than other income. While capital gains taxes could be going down under the Trump administration, it still pays to know every trick…