SINCERE ADVICE: START EARLY

Accu-Tax Services strives to SIMPLIFY your income tax filing experience. Ensure smooth processing for 2017, in 2018, by following three things you, as taxpayer, can do early:

1) Locate and set aside your previous year’s income tax return

If you are a new client, one step that is easily overlooked or forgotten is this:

For a tax preparer to have the least questions, be sure to bring your last year’s [2016] tax return to your appointment. If you cannot find the return, let us know early. A copy of last year’s tax return can be requested from the IRS.

Having your last-year’s return readily available is time-saving, and stress-saving … but also, by creating an accurate flow of your information from year to year, any confusion on the part of federal and state agencies is greatly reduced, once your current year’s return preparation is submitted. (Relieving stress tip #1).

2) It’s important to gather documents

Together with your previous year’s return, make sure you have all the needed documents for 2017 before filing. This includes:

  • Forms W-2 from employers.
  • Forms 1099 from banks and other payers.
  • Forms 1095-A from the Marketplace (for those claiming the Premium Tax Credit).

Usually these forms begin arriving in your mail in January. Be sure to check them over carefully – and if any of the information shown is wrong, contact the payer right away for a correction. Keep them all together, in one place, until you are sure you’ve received everything.


3) Taxpayers with expiring ITINs should renew promptly

If you’ve been issued an Individual Taxpayer Identification Number, you may need to renew it before the end of the year to avoid a refund delay and possible loss of key tax benefits.

These [ITINs] expire Dec. 31, 2017:

  • ITINs not used on a tax return in the past three years.
  • ITINs with middle digits 70, 71, 72 or 80.

Contact ATS if you think you need to file for an ITIN renewal prior to completing your tax return in 2018. If you need to renew, a form must be completed and mailed, along with original identification documents or copies certified by the issuing agency. Once done, it takes about seven weeks to receive an ITIN assignment letter from the IRS.

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Author: Accu-Tax Services

I am a baby-boomer, semi-retired, who began public accounting and tax prep services in late 1985. In assisting clients, I strive to take the stress out of necessary paperwork and tax reporting, whether clients are individuals or businesses.

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