The Internal Revenue Service (IRS) will start accepting tax returns Monday, and this year, local law enforcement is encouraging people to get to it before scammers do. “By starting your return today, you’ll have more time to gather all the documents needed, speak with qualified experts to ensure confidence in the return you file and most importantly, get your refund sooner”. As a result, when folks filed their tax return approximately 50% of my clients received a refund.
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There’s never a time when the threat of identity theft doesn’t loom, but you might have to use a little more caution protecting your personal information during tax season. To prevent your sensitive information from being compromised, provide it only to a tax preparer you trust and regularly monitor your bank account for suspicious activity. Taxpayers can file now with TurboTax and get every dollar they deserve.
The IRS requires all tax payers to have those legal documents because you can not file with just your pay stub.
The coalitions also focus on bringing awareness to individuals and families who qualify to receive a refund through the Earned Income Tax Credit, a federal tax credit created to help people increase their financial stability. That could pay off a credit card bill, a vehicle or mortgage payment.
The official deadline isn’t until April 17, but there are benefits to filing early. In fiscal 2017, H&R Block had annual revenues of over $3 billion with 23 million tax returns prepared worldwide.
Although the penalties are substantial, the IRS may waive penalties if the taxpayer establishes reasonable cause for the incorrect information return or untimely filing.
The No. 1 piece of advice from the IRS is to file early.
If you are claiming a child that is not your own be sure you can get school and/or medical records to prove the child lived with you for over 6 months.
The new tax reform law’s impacts on paychecks will vary by income tax brackets, but many will see a cut, according to The Associated Press. Surprisingly, those aged 55 and up wait the longest to file their taxes.
A person won’t know there is something wrong with his or her tax return until he or she files it.
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Then, by tax day, you reconcile the amount you paid with the amount you actually owe.
