5 Tips for Filing 2017 Income Tax Returns | Richard Banks & Associates, P.C.

Once again, tax season is upon us. At Richard Banks & Associates, we know that filing taxes can be a stressful time for some, but hope that the tax time tips we’ve found can be helpful!

As they say, nothing in life is certain except death and taxes, and the IRS began accepting 2017 federal income tax returns three days ago.

This year, you have until Tuesday, April 17 to file your taxes. If you’re thinking the deadline seems different, you’d be right! Because April 15 falls on a Sunday this year and the 16th is Emancipation Day, the IRS has pushed the deadline back a couple of days. The extra two days are still no reason to postpone your filing until the last minute.

Here are some tips to keep in mind when filing your taxes this year:

1. The IRS issues most refunds in 21 days or less. Seeing as how the return process is rather streamlined, getting your refund back in a timely manner is common. The IRS warns that there can be exceptions to their 21 days or less refund process. If you’ve been a victim of identity theft or fraud, have errors in your filing, or have a return that is deemed to need further review, your refund will take longer than 21 days to make it to your bank account. Also, those who claim the Earned Income Tax Credit or Additional Child Tax Credit can plan on seeing their refunds no sooner than Feb. 27, 2018. Remember, you can track your refund online at Where’s my Refund?

2. Get all your paperwork in order. Before starting the return process, save yourself some hassle and be sure you’ve got the correct forms and all your receipts gathered. No one wants to waste time digging through their home looking for the information needed to file their taxes!

3. Do your research. Did you know that if your 2017 adjusted gross income is $66,000 or less, you are eligible for the IRS’ Free File program? Just an FYI, around 100 million people are eligible for this program. It’s good to do your research because it could just save you some money in the long run!

4. Decide if you’re doing your own taxes or using an accountant. The question of whether you should pay someone to do your taxes or file on your own is an important one. If you’re comfortable filing yourself, that’s great! If not, you can consider other filing options. You can either use tax preparation software, such as TurboTax or TaxAct, or pay an accountant to handle things.

5. Don’t stress about the new tax laws. We know that tax reform has taken over the news lately, but it’s nothing to worry about! The new tax laws will not take effect until next filing season, so there’s no need to be concerned with them when filing your 2017 taxes.

Tax season comes like clockwork each year, but it’s always nice to have a refresher on what it entails.

If previous tax seasons have proven problematic and resulted in tax debt, consider talking to Richard Banks & Associates. We’re here to help you learn about the options available to you regarding tax debt, and can do so through a free initial consultation! Call (866) 596-8527 or visit our website today for more information.