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2017 Tax Year Changes
If you are going to be eligible to start receiving Social Security benefits, contact the Social Security Administration 3 months before your eligibility date. You may do so by calling 1-800-772-1213 or reduce processing time by applying online at www.ssa.gov. Click on “Online Services”, then “Apply for Benefits”.
HIGHLIGHTS FOR 2017:
NEW TAX LAW:
At the time of this writing there have been 2 different new tax law bills introduced in the congress. At this time no new law has been passed.
The proposed changes would not impact the 2017 tax year. We will continue to follow the situation and update our clients when any new tax law is passed.
2. E-FILING ID REQUIREMENT:
For 2017 it will be required for you to provide a drivers license or other state issued picture ID to e-file any federal or state return. Both spouses must provide an ID for a Married Filing Joint return. If you do not have a form of state issued picture ID you must certify that fact to your preparer.
3. AFFORDABLE CARE ACT / PREMIUM TAX CREDIT:
The Affordable Care Act is still in effect for 2017. The law still requires that all nonexempt individuals must have qualified health insurance or be subject to the Shared Responsibility Payment. If you purchased insurance from the marketplace in 2017 you will receive a Form 1095 A. If you received an Advanced Premium Tax Credit that is also on the Form 1095A. That form is required to complete your return. If you are covered by insurance not purchased through the
Marketplace you will receive a Form 1095B or Form 1095C. The penalty for not obtaining qualified coverage will be calculated on the 2017 return. Your preparer can help determine if any exemption to the coverage requirement applies to your situation. The IRS has stated that for this tax year they will not process any returns that do not include an answer to the question on health insurance coverage.
4. DUE DATE CHANGES:
There is a new due date to file W-2 forms with the IRS and Social Security Administration. The information must be filed By January 31. This applies to paper and electronic filing. The W-2 still has to be furnished to the employee by January 31.
Form 1099 forms that have non employee compensation must also now be filed with the IRS by January 31. This change applies to information returns for 2017 filed in 2018. If we are filing your 1099’s and W2’s we will need your information by January 25th.
The Due date for Partnership Tax Returns is now March 15th. The same date for “S” Corporations. The due date for “C” Corporations is April 15th.
5. DELAYED REFUNDS IN 2018:
The IRS will not give a refund or credit for tax returns that have claimed the Earned Income Credit
And or the Additional child tax credit before February 15th.
YOUR TAX DEDUCTIONS:
The standard deduction for 2017 for a married couple filing a joint return is at $12,700; Single, $6,350; Head of Household, $9,350
The personal exemption for 2017 is $4,050.
The reimbursement for Business mileage for 2017 is 53.5 cents. Medical mileage is 17 cents for 2017. The mileage rate for charity is still 14 cents for 2017.
The meal rate for truck drivers is $63 a day for 2017. Per diem rates may have changed depending on the area in which you have traveled. For Pa tax purposes, per diem is not allowed, the actual receipts expenses are needed.
WHAT TO BRING TO YOUR TAX APPOINTMENT
1. Federal, state and local estimated payment vouchers.
2. W-2's, 1099's, SSA statement or business records if you are self-employed.
3. Social security cards for you, your spouse and dependents.
4. Date of birth for taxpayer, spouse and all dependents.
DIRECT DEPOSIT: Direct deposit of your federal refund check is also available at no extra charge for Forms 1040, 1040A or 1040EZ. To provide us with the bank information required for your direct deposit, please bring a voided check with you to your appointment or when you pick up your return.
BILLING: Our fees are based on the complexity of your tax return. Your tax return fee can, therefore, vary from year to year. Factors such as selling stock, deducting child care expenses, etc., will require additional tax schedules and time. You will receive an itemized bill showing the charge for each form prepared. Payment is requested at the time your tax return is complete, unless prior arrangements have been made. Billing is not factored into our fees, therefore, a $5.00 fee per month will be charged on accounts over sixty days. There will be a minimum charge of $50.00 to make changes in your tax return once it is completed if it is due to your omission of information. There will be no charge if it is due to our error.
We look forward to working with you in 2018. If you have any questions please call our office.