Tax Season Is Here. Important Dates to Know and How to Prepare
Tax season probably isn’t your favorite time of year and, if you’re looking forward to preparing and filing your tax return, you’re most likely in a pretty small minority. Filing season for this tax year officially opened on January 29 so, if you don’t have a list of important dates already, now’s the time to start getting organized. All the information you’ll need to compile your tax return should be on its way to you very soon, if you haven’t received it yet, so take the opportunity to face tax season head-on this year. Stay ahead of the game and don’t leave yourself open to avoidable stress closer to the April 17 deadline.
Random Fact: The IRS expects to receive around 155 million tax returns between now and mid-April
Tax Return Dates You Need to Put in Your Calendar Now
Generally, the earlier you complete and file your tax return, the better, but if you insist on working to deadlines, get your Sharpie out now and get scribbling these key dates on your calendar. Being 2018, you’re probably more likely to be using an online calendar of some kind – if so, get typing. If you’re not 100% certain of what you’re doing, you may want to consider the services of a Fort Lauderdale-based tax preparation attorney.
- Direct deposit refunds for those claiming earned income tax credit or additional child tax credit should start appearing in bank accounts from February 27
- The threshold for medical expense deductions has been reduced to 7.5%, rather than 10%
- Making an IRA contribution by April 17 could net you a saving on the year’s tax
- You should have received a W-2 from your employer by January 31
- If you’re an independent contractor, get chasing your 1099-MISC if you haven’t received it
- If you utilized a HSA in 2017, expect a 1099-SA from the relevant bank in February
- The forms relevant to any health insurance you had (1095-A, -B or-C) should arrive by March
- Homeowners should also be aware that their Form 1098 can be expected in February/March
Don’t just sit back and take it for granted that these forms will arrive on time. Administrative errors do happen, as do problems with the postal service, so be proactive and chase up any tax forms you think you should have received.
You should also be aware of any further information you may need to gather from various sources, including your childcare provider if you’re claiming child and dependent-care credit, and checking any alimony payments you may wish to deduct.
Leave It to a Fort Lauderdale Tax Preparation Attorney
Even broken down into bite-sized bullet points, that tax preparation looks like a lot of work, doesn’t it? While you may have been put off by the IRS crackdown on unscrupulous tax preparers, a reputable, experienced tax preparation attorney can provide an outstanding and very valuable service.
At the Law Offices of Zuckerman Law LLC, we have over 30 year’s combined experience of a range of tax issues, including tax preparation for clients in and around Fort Lauderdale.