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Archive for the ‘2017 Tax Season’ Category.

For Tax Year 2017, e-file closes on Nov. 17; After that, disaster victims, others need to file on paper

As the 2018 tax season (2017 income tax returns) season draws to a close the IRS as is customary is reminding us that on November 17 2018 it will close e-filing down to prepare for the upcoming 2019 tax season to file 2018 tax returns. After that we must paper file until some point in Janu...

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A 2017 federal tax deduction for prepaying anticipated 2018 state income taxes? Not likely!

H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on Dec. 20 starting for 2018 capped the State and local taxes deduction (affectionately known as SALT) : for individuals to deduct up to $10,000 ($5,000 for married taxpayers filing separately).  The big ques...

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NYS Tax Department – Prepayment of 2018 Property Tax

H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on Dec. 20 starting for 2018 capped the State and local taxes deduction (affectionately known as SALT) : for individuals to deduct up to $10,000 ($5,000 for married taxpayers filing separately).  The big ques...

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For Tax Year 2016, E-File Closes on Nov. 18; After That, Disaster Victims, Others Need to File on Paper

As the 2017 tax season (2016 income tax returns) season draws to a close the IRS as is customary is reminding us that on November 18 2017 it will close efiling down to prepare for the upcoming 2018 tax season to file 2017 tax returns.  After that we must paper file until some point in Jan...

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With 2017 Extension Deadline Passed, All Eyes on 2018

As the 2017 tax season (2016 income tax returns) season draws to a close the IRS reminds us of year-end tax planning tips we should consider including charitable contributions and IRA contributions, but others we should consider include selling loss capital positions to offset capital gain...

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Extension Filers: Deadline is Monday, Oct. 16; Prior-Year Adjusted Gross Income Amount May Be Needed to File Electronically

In a last ditch and final reminder the IRS reminds individual taxpayers that Monday October 16, 2017 (since October 15 falls on a Sunday) is the last date to file their 2016  income tax returns.   Taxpayers who reside outside the U.S. may request by application to the IRS (by the extend...

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FinCEN Provides FBAR Relief to Victims of Hurricane Irma

In a compassionate move realizing the extent devastation from Hurricane Irma to taxpayers in FEMA designated areas, FinCEN has extended the October 16, 2017 FBAR Form 114 deadline to January 31, 2018. Virgin Islands, Puerto Rico, and parts of Florida now eligible, extension filers have ...

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Retirement Plans Can Make Loans, Hardship Distributions to Victims of Hurricane Irma

In a compassionate move realizing the extent devastation from Hurricane Irma and Harvey before it to taxpayers in FEMA designated areas, the IRS has included in the definition of Hardship under IRC Sections 401(k) and 403(B) distributions to victims of hurricane Irma as followed hurricane ...

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IRS Gives Tax Relief to Victims of Hurricane Irma – Extension Filers Have Until Jan. 31 to File

In a compassionate move realizing the extent of the devastation from Hurricane Irma and Harvey before it to taxpayers in FEMA designated areas, as has become customary the IRS grants an extension from October 16, 2017 to January 31,2018 those taxpayers filing personal tax returns, in addit...

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Standard Deduction vs. Itemized: How To Choose What Works For You

Most taxpayers claim the standard deduction vs. itemized when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways. The IRS Offers the Following Six Tips to Help Taxpa...

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New e-File Regulations New Yorkers Now Must Include Driver License or State Issued ID Information

According to recent guidance from the New York State Department of Taxation and Finance an extra layer of identification verification will need to be provided when using software for processing e-filed New York state personal income tax returns. One must now include a driver's license or s...

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2017 Standard Mileage Rates for Business, Charitable, Medical, and Moving Announced

WASHINGTON — The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2017, the standard mileage rates for the use of ...

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2017 Tax Filing Season Begins Jan. 23, Tax Returns due April 18

WASHINGTON ― The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 23, 2017 and reminded taxpayers claiming certain tax credits to expect a longer wait for refunds. The IRS will begin accepting electronic tax returns that day, with more th...

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Tax Preparedness Series: How to Avoid a Refund Delay; Plan Ahead

Avoid a Refund Delay Note to Editor: This is the second in a series of reminders to help taxpayers prepare for the upcoming tax filing season. WASHINGTON – As tax filing season approaches, the Internal Revenue Service is reminding taxpayers about steps they can take now to ensure s...

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New Law Sets Jan. 31 W-2 Filing Deadline; 2017 Tax Season

2017 Tax Season A new federal law moves up the W-2 filing deadline for employers and small businesses to Jan. 31. The new law makes it easier for the IRS to find and stop refund fraud. It also delays some taxpayer refunds. Those taxpayers claiming the Earned Income Tax Credit or the Add...

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