Tax season is for many a time of dread and sadness. For others, it’s a time full of excitement as some of the cash taken out of your check during the year is about to come back and land in your bank account. This year like many in the past is full of new changes and adjustments that will affect many. I have compiled a list of some of the most important things you need to know for this the 2016 tax year. As always, Palmer Tax preparation, Income Tax is here to file your taxes and get you the most accurate results possible. Here are some things to know for this years tax season
1: Tax season does not start until the 23rd of January. Although we are processing taxes now, the IRS does not open there doors until the 23rd and that is when the first batch will be submitted.
2: Do you qualify for EIC (earned income credit) or the additional child tax credit? The IRS is not releasing refunds that have these added credits until February 15th so you will see delays if you file in the firs few days of the season.
3: Did you have health insurance last year? This is one of the most important questions asked on your tax return this year as the penalties for the Affordable Care Act (Obamacare) are higher then they have ever been. here it is “The penalty is $695 per adult and $347.50 per child (up to $2,085 for a family) or 2.5 of the family income, whichever is greater.” So there’s that.
These are just a few of the changes that take affect this year along with a slew of other minor adjustments. So if you need some advise and are looking for competent, educated, and experienced tax preparers please give us a call. We are here 7 days a week and can help with any tax issue you may have.
See you here at Palmer