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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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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”.

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