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Tax Season 2017: New Changes and your preperation

Premier Tax and Financial Solutions is proud to announce some new and exciting changes you’ll want to know about in 2017.

With identity theft on the rise and the ever-growing security concerns, we want you to know how important your safety is to us here at Premier Tax & Financial Solutions. To better serve you we are delighted to offer you a secure way of sharing your income tax information with us.  Through our new Client Portal,  you will be able to securely upload all of your tax files and documents needed to start on your file. This frees up hours of work so we can better focus on taking care of you. Rest assured in knowing that all information is always protected with the highest integrity by tough, industry- standard security measures.

To assist you in gathering information for your 2016 Tax Return for the best refund possible our handy Tax Organizer now available.  Please review the entire packet and answer any questions that apply.  Complete this packet and upload to your Client Portal  or bring all supporting documents, including W-2 and 1099 statements, to your tax-preparation appointment.

Getting Prepared: Preparation is half the battle. Before you sit down to start your taxes, follow our tips for a stress-free tax filing season:

  • Gather Your Records in Advance — Don’t start your return until you have all the necessary documents and information, which includes:
    • Paperwork — Collect all employment and income statements, such as Form W-2s, Form 1099s , and Schedule K-1s, along with receipts.
    • Social Security or Tax Identification Numbers — Have numbers for everyone listed on your return. (Be sure to bring in all supporting documents for you, your spouse, and all dependents.)
      1. Renewal Reminder for Individual Taxpayer Identification Numbers (ITINS) (How we can help you?) https://youtu.be/e_2huRDdqmE
      2. (En Español) https://youtu.be/Jspz0lEkuKA
  • Birth Certificates for everyone; not required but highly recommended.
  • Medical and School Records for dependents and medical bills
  • Proof of Healthcare The Health Care Reform Law requires all individuals and families to obtain and provide proof of health insurance coverage . Without it, you may incur tax penalties. Use Healthcare.gov to obtain copies of your 1095-A and instructions to help you fill out the form. If you received healthcare via Marketplace Exchange, you will have to provide a 1095-A before e-filing your return; if not, your return will be rejected. Click here for information regarding your 1095-A. 
  • Bank Routing Numbers — Keep these on hand if you want to get your refund through direct deposit

Look at This Year’s Changes — Don’t be caught by surprise. Organize and Gather your documents. Schedule an appointment; let us do the work. We compiled a list of tax changes for 2016. See article titled “Delayed Refunds? How the PATH ACT Affects You in 2017

Are you enrolled in college and eligible to claim the American Opportunity Credit? You’ll want to read this
IRS Proposes Rules for Reporting and Claiming Tuition Expense

 

 

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Promotions Galore! Find out how you can score cash fast!

Huge, Same-Day Cash Advances!

As you already know, tax refunds may be delayed due to the PATH Act. At Premier Tax and Financial Solutions, you can still get a same day, cash advance for up to $1,200 starting as early as January 23rd!

Need more cash? Our Platinum Rewards Program puts money in your pocket.

We’ll pay you just for referring people you already know. Ask about our group discounts.

5 Referrals gets you a cold hard $200

10 Referrals get you a whopping $500

 

Get 82 chances to win! Whoa!

Everyday throughout tax season, we are drawing the name of one random person to win a $50 Visa Gift Card. There are 82 days between the start and the end of tax season so you have 82 chances to win. Enter here by going to promo.premiertaxrefunds.com and enter promo code GA005. We will post the winner from our Facebook Page everyday.

Stay tuned as we give away more prizes and more cash. Tokens of our appreciation for being a Premier Tax and Financial Solutions client.

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Delayed Refunds? How the PATH ACT Affects You in 2017

Many of the tax changes affecting individuals and businesses for 2016 were related to a new federal law, the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), that modified or made permanent numerous tax breaks (the so-called “tax extenders”). To further complicate matters, some provisions were only extended through 2016 and are set to expire at the end of this year while others were extended through 2019.

Here’s what individuals and families need to know about the PATH Act for 2016 and beyond:

  • Section 201 of this Act mandates that no credit or refund for an over payment for a taxable year shall be made to a taxpayer before February 15, 2017 if the taxpayer claimed the Earned Income Tax Credit (EIC), Additional Child Tax Credit (ACTC), or the American Opportunity.
  • If you file your tax return early in the tax season, are due a refund, and claim either the EITC or the ACTC, your refund could be affected. With the PATH Act, the IRS will not release your refund before Feb. 27, 2017 if you’ve claimed one or both of these credits.

Homeowners

  • Taxpayers who itemize deductions may treat qualified mortgage insurance premiums as deductible mortgage interest.
  • The provision had expired after 2014 and is now extended through 2016

PATH Impact: Homeowners can increase their mortgage-related deductions. In 2014, homeowners deducted more than $5.95 billion in mortgage insurance premiums-an average of about $1,400 per homeowner.

Students

  • Students or their parents could deduct up to $4,000 of qualified higher education expenses above the line.
  • This tuition and fees deduction expired after 2014 but is now extended through 2016.

PATH Impact: Whether or not they are able to itemize their deductions, students can deduct some of their tution in fees. In 2014, they deducted more than 3.87 billion.

Green Home Improvers

  • The non-business energy property credit was p to $500 credit for qualified home energy improvements.
  • It had expired after 2014, but is now extended through 2016.

PATH Impact: Homeowners can get up to $500 for certain green improvements to their home. Homeowners claimed more than $518 million in 2014.

Families facing foreclosure

  • The exclusion from gross income of a discharge of qualified principal residence indebtedness expired after 2014.
  • It is now extended through 2016.

PATH Impact: Homeowners facing foreclosure may not have to pay income tax on the forgiven debt.

Gain more insight into future implications of the PATH Act in 2016 and beyond. View more information about the PATH Act here.

How do the changes affect you and what should you do?

The IRS Tax season will begin Monday, Jan. 23, 2017, however, you can still file your tax returns before January 23. Should you claim one of the before mentioned credits, your tax return will not be released until AFTER February 15, 2017 as required by The PATH Act. We strongly urge you to schedule an appointment with us as early as December 30, 2016 to have your tax returns filed in order to avoid the overload of tax returns being processed by the IRS as a result of this law.

For More Information click here.

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