At Accutax we use our extensive knowledge of tax law to help our customers take advantage of the tax benefits which are available for the 2017 tax year.
UPDATED 1/4/18: The IRS announced today that they will begin processing tax returns on 1/29. We will open and begin accepting tax returns on January 8th. When the IRS opens, they will process those returns on a first-come first-serve basis. Returns can be electronically the entire year with the exception of a short shutdown from December to January. We will also be able to electronically file previous year (2014 to 2016) tax returns as well.
As in 2017, taxes filed in the 2018 filing season (2017 Taxes), refunds for tax returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit will be held until at least February 27. Therefore, any refunds for one of these credits that is prepared in the early part of the filing season will not be deposited until after February 27 instead of in the normal timeframe.
Form 1095-A (Health Insurance Marketplace Statement) will be sent to all individuals that obtained their 2017 health insurance at the Federal or a State Marketplace. This form is needed in order to complete the 2017 Form 8962 (Premium Tax Credit) which calculates their Premium Tax Credit for 2017, and for those who received a subsidy, to complete the reconciliation of the subsidy with the actual credit. Therefor you must wait until you receive the form prior to filing your taxes.
If you file without this form your return will be held up and you will have to file an additional paperwork which will end up costing you both more time and money. Forms 1095-B and 1095-C sent from employers and Medicare/Medicaid should also be received by January 31, 2018 and are required as proof of coverage.
All taxpayers eligible for the Earned Income Credit (EITC) must answer a few simple questions, and provide some type of written proof that the eligible children lived in their home in the U.S. during 2017. Examples of acceptable documents include report cards, insurance cards and bills or any other document that is dated during 2017 and that shows the child’s name and the taxpayer’s address.
Taxpayers claiming dependents with ITIN numbers for the Child Tax Credits will have to answer a few extra questions and must be able to show proof that the children were in their homes here in the U.S. during 2017. Without this documentation, the IRS will deny your claim for the credits.
All taxpayers with foreign assets over $50,000 are required to file Form 8938 with their taxes. Additionally, any taxpayer with foreign assets over $10,000 must file Fin Cen 114 (FBAR) with the Treasury Department every year.
ITIN renewals for this year cover individuals whose ITINs contain the middle two digits of 70, 71, 72, and 80. This is in addition to ITINS with the middle two digits of 78 or 79 that expired last year. Also any ITINs not used during the last three years must also be renewed. Renewals can be done prior to or with the filing of their 2017 taxes. If the numbers are not renewed, they will bve disallowed from the tax reurn. Please call us to find out the new requirements for filing and what documents will be required in order to renew. All signatures and documents must be original as the middle two digits are required to renew their number before filing their taxes. Those individuals can apply now, so give us a call if you want to save time. Again, no copies will be accepted (Original documents only).
On a final note, there has been an on-going scam !
The IRS or State of Illinois will NEVER e-mail you, nor will they ever call you by telephone. If you are contacted, just hang up on them or ask them to send you the information in the mail. Inform them that you will pass information regarding the call to your local police. This will stop them in their tracks. NEVER give themANY information!!!