The year-end giving season ends on December 31. This deadline is especially important for those who itemize charitable deductions. Start your planning now and call us at 614-338-2365 for ways that we can help with tax-wise planned giving opportunities.
You can expect your W-2′s and 1099′s early in 2017. You should retain a copy of your 2015 tax return. This may be helpful if you use tax preparation software for your 2016 return. The software may use data from 2015 to verify your identity and permit you to use the electronic signature option.
If you claim an Earned Income Tax Credit or an Additional Child Tax Credit on your tax return this year, the IRS is now required by Congress to hold your refund until at least February 15. The intent of the new requirement is to permit the IRS additional time to make certain that the EITC or ACTC refund is proper.
The federal government already uses direct deposit for 98% of Social Security and Veteran Affairs benefit checks. It costs the federal government approximately $1 to process a paper check, but only 10 cents to process a direct deposit to your bank account.