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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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Where Is My Refund? IRS E-File Refund Cycle Chart

IRS e-file Refund Cycle Chart for 2016

2016 IRS e-file Refund Cycle Chart with Direct Deposit and Check dates

IRS e-file Refund Cycle Chart for 2016IRS e-file Refund Cycle Chart for 2016 with Direct Deposit and Check dates provided below are based on filing and transmitting as early as January 19, 2016. This has not been and will not be published by the IRS. The IRS now says most refunds will be issued within 21 days of your return being accepted. This general estimate doesn’t satisfy everyone and now many independent sites try to estimate dates when refunds will be sent. The IRS e-file Refund Cycle Chart for 2016 with Direct Deposit and Check dates are only estimates by various website owners. It might give you a good idea, but never bank on it because many issues arise and delay tax refunds.

When will tax season open? Once we know the date tax season open, the estimated tax refund direct deposit dates will likely be updated.

Here are the latest dates we have already seen published for tax refund direct deposits:

Here are the latest dates we have already seen published for tax refund direct deposits:

DATE ACCEPTED DIRECT DEPOSIT SENT PAPER CHECK MAILED
Jan 18 – Jan 24, 2016 Feb 5, 2016 Feb 10, 2016
Jan 25 – Jan 31, 2016 Feb 12, 2016 Feb 17, 2016
Feb 1 – Feb 7, 2016 Feb 19, 2016 Feb 24, 2016
Feb 8 – 14, 2016 Feb 26, 2016 Mar 2, 2016
Feb 15 – 21, 2016 Mar 4, 2016 Mar 9, 2016
Feb 22 – 28, 2016 Mar 11, 2016 Mar 16, 2016
Feb 29 – Mar 6, 2016 Mar 18, 2016 Mar 23, 2016
Mar 7 – 13, 2016 Mar 25, 2016 Mar 30, 2016
Mar 14 – 20, 2016 Apr 1, 2016 Apr 6, 2016
Mar 21 – 27, 2016 Apr 8, 2016 Apr 13, 2016
Mar 28 – Apr 3, 2016 Apr 15, 2016 Apr 20, 2016
Apr 4 – Apr 10, 2016 Apr 22, 2016 Apr 27, 2016
Apr 11 – Apr 17, 2016 Apr 29, 2016 May 4, 2016
Apr 18 – Apr 24, 2016 May 6, 2016 May 11, 2016
Apr 26 – May 1, 2016 May 13, 2016 May 18, 2016

As each year comes to a close and the next tax filing season approaches, early tax filers start to think and ask the big question. When will I get my tax refund? The estimated 2016 IRS Refund Cycle Chart can now be found at countless websites for the 2016 tax season. Be cautious though, the charts you find are not “official” and the dates when you should expect to receive your refund will not all be the same. Why? The official IRS Refund Cycle Chart published by the IRS is no more. Since they stopped publishing an official refund cycle chart, various independent versions are now created each year based on estimates and prior year trends.

There are slightly different versions of the tax refund schedules scattered across countless websites to help tax refund hunters track down that magic date. These refund cycle charts will crop up more and more as the year comes to a close. Most are just guesstimates, some even educated guesses. Many times the refund charts you find are just duplicates of the prior year with slightly adjusted dates.

There are various tax situations for every taxpayer and this is why prediction as to when you will get your tax refund can be difficult; and, every year there will be glitches with one process or another at the IRS which could delay your refund. Since an official IRS refund calendar is a thing of the past, when taxpayers can expect to receive their tax refund in 2016 remains a mystic idea. This is likely why the IRS now firmly sticks to a general statement to everyone that “your tax refund should arrive within 21 days”.

*SOURCE

 

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10 Important Tax Dates for 2016

Half the grunt work involving taxes is knowing how much time you have to get certain tasks done. Of course, you know the deadline to file taxes. (Or, do you? This year is different.) But there are other key dates that may affect your filing.

For example, Jan. 15 is the deadline for self-employed workers and others who pay quarterly estimated tax to pay their fourth-quarter tax payment for 2015. However, you can skip this estimated payment without penalty if you file the return and pay the balance in full by Feb. 1—yet another deadline to remember.

Here are nine more key dates to put on your 2016 calendar while you prepare your 2015 individual income tax returns, courtesy of H&R Block.

1. Tuesday, Jan. 19. The IRS begins accepting individual electronic returns.

Related: From Boob Jobs to Body Oil, 5 Surprising Tax Deductions

2. Monday, Feb. 1. Take note, early-bird filers. Companies have until this day to mail out W-2 forms to their employees. This is also the deadline for businesses to send 1099 statements that report non-employee compensation, bank interest, dividends and distributions from a retirement plan. These forms help to calculate your total taxable income.

This is also the deadline for self-employed individuals to file and pay in full their fourth-quarter estimated tax payment to avoid a penalty.

3. Tuesday, Feb. 16. Financial institutions must mail out 1099-B, 1099-S and 1099-MISC forms by this date. 1099-B forms detail sales of stock, bonds or mutual funds through a brokerage account. 1099-S forms relate to real estate transactions. 1099-MISC forms show other income such as rent and royalty payments or prizes and awards from TV or radio shows.

4. Monday, Feb. 29. Farmers and fishermen who have a balance due on their taxes must file their individual tax returns and pay the balance by this deadline to avoid late-payment penalties.

Related: 4 New Tax Rules to Know Before You File

5. Monday, April 18. This is the deadline to submit individual tax returns for the year 2015 or to request an automatic extension, which provides an additional six months to file your return. However, your tax payment is still due by April 18 and can be submitted with the extension form.

Typically, the tax deadline falls on April 15. But Emancipation Day — a Washington, D.C., holiday — is being officially celebrated on Friday, April 15, this year, pushing the tax deadline to the following Monday for most of the nation.

This is also the last day to make a contribution to a traditional IRA, Roth IRA, Health Savings Account (HSA), SEP-IRA or solo 401(k) for the 2015 tax year. If you file an extension, you have until Oct. 15 to fund a SEP-IRA or 401(k).

For those who are years’ behind on their taxes, this is also the final deadline to file an original tax return for 2012 and still claim a tax refund. Generally, refunds expire three years from the original due date of the tax return. This is also the deadline to file an amended tax return for 2012 and still claim a refund.

Related: 14 Outrageous Tax Deductions the IRS Denied

6. Tuesday, April 19. Due to Patriots Day on April 18, the deadline to file federal income tax returns in Maine and Massachusetts is pushed to this day.

7. Wednesday, June 15. U.S. citizens living abroad must file individual tax returns and pay any tax due by this deadline, or file a four-month extension.

8. Saturday, June 30. For taxpayers who have over $10,000 in total in foreign bank accounts, this is the deadline to file a Foreign Bank Account Report for the tax year of 2015. These forms must be filed electronically and extensions aren’t allowed.

9. Monday, Oct. 17. If you filed for an extension, this is the final deadline to file your individual tax return for 2015. This also applies to U.S. citizens living abroad who filed an extension.

If you requested an automatic extension, this is the final deadline to fund a SEP-IRA or solo 401(k) for the 2015 tax year.

This story was updated to correct the final deadline to fund a SEP-IRA or solo 401(k) for the 2015 tax year from November to Oct. 17.

*SOURCE

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True or False? — It Takes Money to Make Money

The short answer is YES; of course it takes money to make money. To make money in the stock market, you must have money to make the initial stock purchases. Starting a business requires money to buy inventory, marketing materials, office space and equipment. Even lottery winners had to have the seed money required to buy the ticket. The only exceptions that come to mind are inheriting, stealing or finding money.

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Top Budget Hacks for Planning and Accounting

Something most rags-to riches stories have in common is that a good budget is always needed to help anyone achieve financial security. If you want to significantly improve your credit, you have to learn how to pace your spending and increase your savings. No matter how much money you have, there will always be something you can spend it all on and become dead broke again.

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Tips for Avoiding an Out of Money Experience

Do you run out of money before you run out of month? Many do, but it doesn’t have to be that way! Wealth is the result of widening the gap between what you earn and what you spend. Most of us make the mistake of ramping up our spending as our disposable incomes rise. This is self-defeating. If you do not develop a respect for money, it will always elude you.

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