Tax Tips You Must Know for 2017

Tax time is upon us and you must prepare now to get your taxes done on time and done right!

What’s New for 2017!

• If you are expecting to receive a tax refund – the IRS will not issue your refund before February 15th if you are receiving the Earned Income Tax Credit or the Additional Child Tax Credit.

o   IMPORTANT – Try not to plan any big purchases prior to February 27th  – This is the expected direct deposit date that the IRS will deposit tax refunds into bank accounts

o   You CAN file your taxes before Feb 15th, however, you will not receive your refund until AFTER Feb 15th

• Make sure you know your Adjusted Gross Income (AGI) from your previous year’s income tax return.  This may be needed to electronically file your current year’s taxes.

o   Your AGI can be found on the following lines of your 2015 tax return:

§  Form 1040 – line 37

§  Form 1040 A – line 21

§  Form 1040 EZ.x – line 4

• Your tax return is not due to be filed until April 18, 2017 because April 15th falls on a weekend the year!  Yay!  Three extra days to file! But do not procrastinate and wait until the very last minute!

 

• Keep all of your tax related paperwork together in one folder as you receive them so that you are not struggling and stressing when it is time to prepare your tax return.

Happy Tax Filing!  If you have any tax questions or need tax consultation, please contact me at tamicagoode@goodeccs.com