Tax Season Is Here – Here Are Some Tips on What to Do Before Filing
It’s that time of year again, East Texas. Driving across town you've probably seen the infamous “Statue of Liberty” holding that sign to indicate its tax season.
Yahoo Finance reports that tax season begins today (January 29) and I’m sure you probably have a lot of questions since President Trump's $150 trillion Tax Cuts and Jobs Act went into effect on December 22nd. Here are some tips to ensure your odds of getting your refund faster and lessen the odds of becoming a victim of identity theft.
The IRS website reports that 90% of returns will be filed electronically. The fastest and secure way to receive an accurate income tax and return is to e-file and have your return direct deposited into your bank account.
There is also a free program available at IRS.gov, IRS Free File, which gives qualified taxpayers up to a dozen options for brand-name products. They are in partnership with commercial partners which offers the free software to about 100 million individuals and families with an income of $66,000 or less.
To individuals who are receiving Earned Income Credit or Additional Child Tax Credit, your refunds will not be available before mid-February. This applies to the entire refund and even the portion not associated with the EITC and ACTC. The earliest refunds will be available is February 27th.
“Where’s My Refund” has been setup to give you up-to-date information on your refund. The information is updated once a day so there is no need to constantly check for your refund. You can also download this app in your Google Play or iTunes store.
This year more than 70% of taxpayers will receive tax refunds this year. Where last year close to 112 million refunds were issued, with an average refund of $2,895.
The last day to file your income taxes is April 17th, which is two days later than usual because April 15 falls on a Sunday, and Monday, April 16 is Emancipation Day, a legal holiday in the District of Columbia.