B & G Accounting and Tax Services, LLC
NEW TAX RULES FOR 2017 Filing Season
The Internal Revenue Service announced that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February.
Casualty and theft losses. Disaster relief enacted for those impacted by Hurricane Harvey, Irma, or Maria includes a provision that modified the calculation of casualty and theft losses. See Pub. 976, Disaster Relief, for more information.
Due date of return. File your tax return by April 17, 2018. The due date is April 17, instead of April 15, because of the Emancipation Day holiday in the District of Columbia—even if you do not live in the District of Columbia
Childless EIC. You may be able to qualify for the EIC under the rules for taxpayers without a qualifying child if you have a qualifying child for the EIC who is claimed as a qualifying child by another tax-payer.
Access your online account. You must authenticate your identity. To securely log in to your federal tax account, go to the Internal Revenue Services website . View the amount you owe, review 18 months of payment history, access online payment options, and create or modify an on-line payment agreement. You can also access your tax records on-line.
Personal exemption amount in-creased for certain taxpayers. Your personal exemption is $4,050. But the amount is reduced if your adjusted gross income is more than:
$156,900 if married filing separately
$261,500 if single,
$287,650 if head of house-hold, or
$313,800 if married filing jointly or qualifying widow(er).