Tax Facts and Tips

Here is a list compiled with tax facts and tips for both businesses and individuals. These tips are important basic reminders as you prepare for the 2017 tax filing season.

For businesses

* Those farmers and fishermen who did not make 2017 estimated tax payments must file 2017 tax returns and pay taxes in full by March 1.

* Taxpayers must file most other Forms 1099 (except certain Forms 1099-MISC due Jan. 31) with the IRS on Feb. 28 (or April 2 if e-filing).

* The IRS has extended the due date for sending out Forms 1095-B and 1095-C (health insurance forms) from Jan. 31 to March 2.

* Employers should start using the updated 2018 income tax withholding tables no later than Feb.15, 2018.

 

Individuals 

* If you find errors on your 2017 W-2, 1099 or other tax forms, contact the sender right away and ask for a corrected copy.

* You may now use your 529 education savings plan to pay for your child’s K-12 private school education tuition.

* The Tax Cuts and Jobs Act “retroactively” lowered the threshold to deduct medical expenses in 2017 to 7.5 percent of adjusted gross income.

* You can check the status of your 2017 amended return on the IRS website. Note: it could take up to 16 weeks to process an amended return.

* The IRS generally issues refunds within 3 weeks from the date you e-filed, or 6 weeks after receiving your mailed-in return.

* Recognize when you’re being scammed. The IRS will never call you and demand immediate payment using a prepaid debit card or wire transfer.

* If you owe back taxes, the State Department may revoke your passport. Check the IRS website for more information on delinquent tax debt.

* Do not ignore notices from the IRS. The IRS will not go away. Seek assistance early to avoid any possible penalties and interest charges.