IRS starts accepting tax returns, warns of identity theft
Jan 25 2017 by Harriet Stone
Through Treasury's "Where's my Refund?" system, taxpayers can track the status of their state tax return. Four in five returns will be prepared electronically.
January 31: All W-2 and K-3/K-3E forms must be sent out to employees. Anyone filing a tax return with an expired ITIN could experience return processing and refund delays, as well as denial of some tax benefits until the number is renewed.
The IRS continues to see an increase in taxpayers requesting direct deposit for their refunds.
People who have been issued an individual taxpayer identification number, or ITIN, instead of a Social Security number may have to renew it before filing their tax returns. Many North Texans filed their taxes previous year only to find out someone else had already stolen their information and beat them to it. They may need to provide the adjusted gross income from their 2015 tax returns to help verify their identities, according to the IRS. The additional child tax credit is for low-income families who don't owe enough in federal income tax to claim the full credit.
Though you have until April 18 to file your 2016 taxes, now is actually the ideal time to put your return together.
The United Way offers free online tax preparation under the same income guidelines: MyFreeTaxes.com. His eyes are on the prize, and the check, he expects as early as he can get it, is for, "Getting my vehicle fixed, or doing something fun with the kids".
Cville Tax Aid will be open until April 18 at sites in the City of Charlottesville, and Albemarle, Fluvanna, Greene, Louisa and Nelson counties.
Filing tax returns can be complex, but you'll want to watch out for the common mistakes. The sooner you file, the better.
This is all an attempt to cut down on tax filing fraud, where scammers would file millions of bogus refunds in recent years, hoping to claim your refund before you do.
This is also the deadline to make a contribution to a traditional IRA, Roth IRA, Health Savings Account (HSA), SEP-IRA or solo 401 (k) for 2016. Your contribution will then be deducted from your taxable income. Because it's a refundable credit, those who qualify and claim the credit could pay less federal tax, pay no tax or even get a tax refund.
For Taxpayers with dependents in college or university in 2016 and planning on claiming the American Opportunity Tax Credit (AOTC), Lifetime Learning Credit (LLC) or the above-the-line deduction for qualified tuition fees should be aware that for the 2016 filing season, they MUST receive Form1098-T Tuition Statement from the qualifying university or college.
Money issues stress people out, and tax season just highlights those issues, Cleveland Clinic psychologist Michael McKee told WebMD. Don't call back numbers they give you.