More than 2 Million Individual Tax Payer Identification Numbers( ITINs) are set to expire at the end of 2018.
* Tax Payers whose ITIN is expiring and needs to file a Tax Return in 2019 must submit a Renewal Application.
* ITINs that are affected are the ones with the middle digits 73,74,75, 76, 77, 81 or 82. ( For Example: 9NN-73-NNNN) needs to be renewed even if the Tax Payer has used it in the last 3 Years.
*ITINS with middle digits of 70,71,72,78,79 or 80 have previously expired. Tax Payers with these ITINs can still renew at anytime.
The deadline for filing your taxes is fast approaching — this year, The deadline is April 17, 2018.
We all know, that Life can be busy!!! Maybe your taxes are particularly complicated this year, or maybe you just don’t have the time to sit down and sift through the paperwork.
So, what happens if you don’t file your tax return on time?
If you’re getting a refund on your taxes this year, you don’t need to panic — you have until April 17, 2021 to claim your refund (or until October 17, 2021 if you filed an extension by the April 17 deadline).
IRS Begins Accepting Tax Returns Today - Monday, January 29th 2018.
IRS begins accepting Tax Returns Today, Monday, January 29th 2018.
Highlights to Note:
- Even Though the New US Tax Law is in effect, Changes do not apply to 2017 Tax Returns.
- Tax Payers can start submitting their Returns to the IRS as From Today.
- You may be able to file for Free; The Sooner, you start Filing, the Better, as this is a precaution to Tax Fraud.
- The Deadline for this Year's Tax Filing Returns is Tuesday, April 17th 2018.
With this New Act, Employers and Small Businesses have January 31 Filing Deadline to submit Forms W-2 and W-3 to the Social Security Administration (Whether you file using Paper Forms or electronically).
We have only Few Days left to the end of Tax Season; Many of Our Clients ask if a Tax Credit is better than a Deduction. Just to enlighten us, A Tax Credit is a Dollar -For-Dollar Reduction of the Taxes you owe; For instance, A $100 Credit means you pay $100 less in Taxes.
A Deduction reduces the Taxes, you owe by a Percent of every Dollar, you're allowed to deduct. You Calculate the worth of your Deduction by multiplying your marginal (Or Top) Tax Rate by the amount of the deduction.
YES, 2017 is just Few Hours away......The Clock is Ticking. We can still chip in One more Challenge to lower Our Tax Bill before the Year Ends. And this is......
Further Your Education
Do you know that if you take a Course to advance your Career or build your Business, It can be used as a Tax Deduction? If you are enrolled or taking classes at an eligible educational institution, you might qualify for the Lifetime Learning Credit(LLC).
More so, If you or your Child is already in college or a Trade School, You can get up to $2,500 per student for the Year.
Wow, The Countdown is on; 2 More Days to the New Year
2017, Have you been working on your Challenge? If you're hoping on reducing
your Tax Bill for the Tax Season, You still have the opportunity to do so,
before it is too late.
Here We Go:
Pay Your Mortgage and Local/State Taxes Now
When you prepay your Mortgage, State, Local and Property Taxes that are due in January at this time, You are reducing your 2016 Federal Income Tax Bill.
These Payments can be deducted as part of your itemized deductions on your 2016 Tax Return and would reduce your Bottom Line Tax Bill.
Are you taking up the Challenge towards reducing your Tax Bill for Next Year Taxes? We're now on Day 2 Challenge towards helping you achieve this Goal .Be Sure to implement and Keep Checking back for more information.
CLUE 2: Accelerate
If you plan to itemize
your deductions, you are better off accelerating your deductible expenditures
into this Year to produce a higher write-off.
The Year 2016 is fast coming to an end; As we Close out the Year, We would like to thank all our Clients, Customers and Fans for your Business and Referrals. We look forward to your continued patronage in 2017; As the Year comes to a Close, So does the period for Tax Planning.
Every Year, Business Owners across
the Nation sit down with their Tax Accountants to come up with as many Legal
Tax Deductions as possible. As a Business Owner, knowing which Business Tax
Deductions that you qualify for can help:
- Reduce Your Income Tax Liability.
- Enhance the efficiency of your Business Operation.
- Improve your Overall Financial Well Being
- Prevent Overstating your Income/Profit.
- Eliminate you from being a Target of an IRS Audit.