The deadline for filing your 2017 taxes will be here before you know it - it's Tuesday, April 17 this year - and the IRS is already accepting your 2107 tax filings.
Some things to remember:
• The new tax bill does not affect 2017 taxes, but you may want to meet with an attorney or financial advisor to see how that bill will affect your income and tax plans for the future.
• The quicker you file your taxes, the quicker you can receive a refund.
So now is the time to take out all your papers and forms and get to work on your taxes.
THREE THINGS YOU SHOULD KNOW ABOUT FILING YOUR TAXES:
1. DON'T GET CAUGHT UP WITH COMMON MISTAKES.
Check your addition in your income and your deductions.
Make sure everything reconciles.
Make sure you file on time! This year tax day is Tuesday, April 17 (because of the holiday of Emancipation Day, observed in Washington, DC.). The bottom line here is to be organized.
2. IF YOU RECEIVED UNEMPLOYMENT COMPENSATION BENEFITS, YOU MUST INCLUDE ALL BENEFITS RECEIVED ON YOUR RETURN: You should receive a 1099-G from the Government identifying what has been withheld. If you did not receive it, contact your unemployment compensation office.
3. BASED ON YOUR INCOME, RESEARCH WHAT IS AND IS NOT TAXABLE. Some things may not be taxable - child support payments, welfare benefits, inheritances, potentially life insurance proceeds. Make sure you know what is and is not taxable.
If you are not sure, go to www.irs.gov or consult an accountant. It is better to be safe than sorry.
ALSO - if you are self employed in a business, make sure you maximize your deductions as you can deduct certain start-up expenses, potentially a home office deduction, and even your cell phone!
If you need assistance with information regarding basic tax law, give us a call at 570.970.9700 or 215.278.4767.