There was a lot going on in the month of December as far as taxes were concerned. I don't know about you but I was just about done with all that nonsense. The problem is, that nonsense is going to affect the majority of American taxpayers from 2018 through 2025. Thankfully, a resolution was reached but it remains to be seen how much the average taxpayer will actually save in taxes. And because Congress took its sweet time the IRS now needs a moment to catch up with the new laws. What this means for us is we have wait until the IRS is ready to accept the forms, therefore delaying the start of tax season. As of today there is no "open" date for the IRS to begin accepting returns.
Here a few other things to remember:
- Taxpayers with Child Tax Credit and/or Earned Income Credit will have to wait until after 2/15 for the refunds to be issued.
- Business that have W2 employees or issue 1099s must have those submitted by 1/31.
- You have until 4/16/18 to make an IRA contribution for 2017 tax year.
- MOST of the tax changes signed into law last month go into effect for 2018. There are a few exceptions.
- And here is a great article on Tax Preparers you should avoid.
Here's hoping you all receive a large tax refund this year!
Your Mobile Tax Pro,