What you need to know now about the upcoming tax seasonBy Norman Carr Jan 25, 2017
The IRS will begin accepting returns on January 23, and tax experts recommend that Americans continue to file their returns early, even with the refund delays. Some taxpayers who don't have Social Security numbers may need to renew the identification numbers they use to file their returns, known as the Individual Taxpayer Identification Number, or ITIN. A good 25% of workers pass up a whopping $24 billion each year in unclaimed matching dollars, so at the very least, kick in enough to get your hands on whatever free money your employer is willing to give you.
ADOR plays an important role in preventing state revenue and your money from ending up in the hands of criminals.
Tax season has officially begun.
What About My Federal Tax Refund? It's available 24 hours a day, seven days a week. So if you file and your refund is delayed, it may not be fraud, it's the state and IRS double checking their records. Add to that the additional time needed for claim processing and you get even longer delays. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found on this page. The sooner you realize you're missing certain forms, the more time you'll have to reach out and follow up so you're not stressed come April. Bonus - your eID-verified return will be processed more quickly.
"Scammers depend on the fact that many taxpayers wait until late in tax-filing season to file", Fraud.org posted on its website.
Chinese Editorial Speculates About 'Real War' With US After Trump Inauguration
But IMF chief economist Maurice Obstfeld warns that possible trade disruptions pose a risk to the 3.4% growth forecast for 2017. China does not acknowledge the existence of Taiwan's democratic government and still considers the island a rebellious province.
The IRS recommends keeping your tax returns and supporting documents for a minimum of three years in case you get audited. Sign up for MAT at www.myalabamataxes.alabama.gov. To reduce risk, never give your personal information over the phone or online unless you started the conversation and can confirm the identity of your tax professional or an IRS employee. However, if you know your deductions don't add up to that much, the standard deduction may be for you after all. Use paperclips, not staples, if filing a paper return. They may also miss filing for eligible tax credits.
How long will it take? It's estimated that more than 153 million returns will be filed in the upcoming months. The IRS cautions taxpayers that these refunds likely will not start arriving in bank accounts or on debit cards until the week of February 27.
In 2017, April 15 falls on a Saturday.
Mark your calendar for Tax Day 2017: April 18. Please note that the qualifying tuition expenses in box #2 is netted against the scholarships and grants listed in box #5 before entering the information into the tax return.
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