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Virtual Accounting Blog

Tax Facts and Tips

Published by Jake Grimm on 09 Feb 2018

Here is a list compiled with tax facts and tips for both businesses and individuals. These tips are important basic reminders as you prepare for the 2017 tax filing season.

For businesses

* Those farmers and fishermen who did not make 2017 estimated tax payments must file 2017 tax returns and pay taxes in full by March 1.

* Taxpayers must file most other Forms 1099 (except certain Forms 1099-MISC due Jan. 31) with the IRS on calculator_piggy_bank_pc_2680Feb. 28 (or April 2 if e-filing).

* The IRS has extended the due date for sending out Forms 1095-B and 1095-C (health insurance forms) from Jan. 31 to March 2.

* Employers should start using the updated 2018 income tax withholding tables no later than Feb.15, 2018.

Individuals 

* If you find errors on your 2017 W-2, 1099 or other tax forms, contact the sender right away and ask for a corrected copy.

* You may now use your 529 education savings plan to pay for your child's K-12 private school education tuition.

* The Tax Cuts and Jobs Act “retroactively” lowered the threshold to deduct medical expenses in 2017 to 7.5 percent of adjusted gross income.

* You can check the status of your 2017 amended return on the IRS website. Note: it could take up to 16 weeks to process an amended return.

* The IRS generally issues refunds within 3 weeks from the date you e-filed, or 6 weeks after receiving your mailed-in return. 

* Recognize when you're being scammed. The IRS will never call you and demand immediate payment using a prepaid debit card or wire transfer.

* If you owe back taxes, the State Department may revoke your passport. Check the IRS website for more information on delinquent tax debt.

* Do not ignore notices from the IRS. The IRS will not go away. Seek assistance early to avoid any possible penalties and interest charges.

We offer multiple resources at Summit CPA to assist you with all your tax planning. For more information contact our office at (260) 497-9761 to schedule an appointment with our advisors.

                                                                     WE SPECIALIZE IN TAX SERVICES

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