Tax Tips
Get ready for the 2017 tax season with these four simple tips.
- Have all relevant documents, such as W-2s, 1099s, last year’s tax return, etc. before filing a return.
- Under the PATH Act, any ITIN issued prior to 2013 or that hasn’t been used for tax years 2013, 2014 and 2015 will no longer be valid for use on a return as of Jan. 1. Individuals with expiring ITINs who need to file a return in 2017 will need to renew their ITIN. This process typically takes seven weeks, but can take up to 11 weeks if taxpayers wait to file a W-7 during peak filing season or send it from overseas.
- Taxpayers claiming the Earned Income Tax Credit or the Additional Child Tax Credit will have their refund held by the IRS until Feb. 15 as part of fraud prevention.
- The IRS always cautions taxpayers not to rely on getting a refund by a certain date, especially when making major purchases or paying bills.
More Tips
- Business Tax Tips (pdf)
- Individual Tax Tips (pdf)
