Are you ready to file your income tax? If so, there are some important changes you need to know about for the 2017 tax year.
To help us better understand the new IRS tax updates for 2018 (2017 tax year), I reached out to Sellena Roberson Hunter, owner of 1st United Tax and Accounting, LLC.
Here’s what she shared with Southern Laced:
- Taxpayers who have moved should tell the US Postal Service, employers and the IRS. To notify the IRS, mail IRS Form 8822, Change of Address, to the address listed on the form’s instructions.
- New Married Couples: If you changed your name, notify the Social Security Administration (SSA) to ensure you have an updated social security card.
- By law, the IRS cannot issue refunds before mid-February for tax returns that claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb 27, 2018.
- Some Individual Taxpayer Identification Numbers (ITIN) must be renewed. Any ITIN not used on a tax return at least once in the past three years will expire on December 31, 2017. Additionally, all ITINs issued before 2013 with middle digits of 70, 71, 72 or 80 (Example: 9XX-70-XXXX) will also expire at the end of the year. As a reminder, ITINs with middle digits 78 and 79 that expired in 2016 can also be renewed. Only taxpayers who need to file a U.S. federal tax return or are claiming a refund in 2018 must renew their expired ITINs.
- Taxpayers may need a copy of their 2016 tax return to make it easier to fill out a 2017 tax return. Some taxpayers using a software product for the first time may need to provide their 2016 Adjusted Gross Income (AGI) to e-file their 2017 tax return.
Earned Income Credit increased. The maximum amount of credit for Tax Year 2017 is:
- $6,444 with 3 or more qualifying children
- $5,728 with 2 qualifying children
- $3,444 with 1 qualifying child
- $520 with no qualifying children
For your tax needs this season, visit Sellena at :
Business Hours: 9am-7pm on Mon-Fri and 10am-4pm on Saturday
* 1st United Tax & Accounting is currently offering Refund Advances Loan up to $2500.00 (No Interest).