Tax Season officially opened for business yesterday! The IRS will now be accepting tax returns. But no matter how early a taxpayer files their return, they may not see their refund until the end of February.

Just like last year, any refund that is a result of the Earned Income Tax Credit, Additional Child Tax Credit or the American Opportunity Credit will be held until mid-February. This means that those with direct deposit will likely see their refund show up around February 28th or later. While this can be inconvenient, please remember that the IRS is trying to prevent fraudulently filed returns.

The entire refund will be held; the IRS will not release the portion that isn't "part of" the credits mentioned above. If you're not sure if your refund is a result of any of these credits you can check lines 66, 67 and 68 on page 2 of your 1040 (lines 42, 43 and 44 on 1040A). If there is an amount on any of those lines, expect your refund to be held. If you're still unsure feel free to DM me!

Your Mobile Tax Pro,
​Liz

We're less than 3 weeks into the new year and a new era of tax reform and there is a lot of ground to cover. But here is a list of 5 topics nearly everyone should be reading up on.

1. The standard deduction has increased for all filing statuses but exemptions have been eliminated. For single people and smaller families this may not cause any tax increase. And because of the increased standard deduction fewer people will be claiming their itemized deductions. Typically a taxpayer will claim the higher of standard or itemized deductions when determining taxable income. Now it will be even more difficult to itemize because many deductions have been eliminated, meaning even less people will be filing a Schedule A. Read more about the standard deduction here.
2. You may end up with more taxable income but could fall into a lower tax bracket. This doesn't necessarily mean that you'll pay less tax but it is possible.
3. Saving for college isn't just for college anymore. The new tax law has expanded 529 plans to cover both elementary and secondary school as well. Read more about the 529 expansion here. 
4. The Child Tax Credit has been increased to $2000 and is refundable up to $1400.  The intent of an increased child tax credit is to help offset the elimination of the exemptions and help those larger families who would be affected.
5. The Individual Health Insurance Mandate has been repealed. This means you will not be penalized for not having insurance starting in 2018. 

There is a lot more information where that came from! Let me know in the comments or email me with any topics you'd like more information on.

Your Mobile Tax Pro,
Liz