Mid-January is the official start of 2018 tax season, here are some tips to get started in preparing to file your 2017 tax return.
January 31 is the date when employers must issue w-2 and 1099 income statements to employees.
As soon as you receive all your tax documents: the earlier you file, the better. For 2018, same as in 2017, the Internal Revenue Service will delay refunds for those claiming Child Tax Credit and Earned Income Credit to filter fraudulent returns. Refunds will be authorized and released by the middle of February.
Taxpayers who have Individual Tax Identification numbers (ITIN) with middle digits of 70, 71, 72 or 80 need to renew their ITIN before their 2017 returns will be processed.
Kindly review my previous article (2017 issue:2, published 12/17/17 ) what are the necessary documents you may need to be able to file a correct, complete, and an accurate tax return.
Should you have any question or concern, do not hesitate to give us a call. Happy 2018!
Oscar B. Antonio, EA