It’s tax season – are you ready?
Filing began Jan. 29 and will go through April 17 this year. That means you’ll get two extra days to file your taxes.
If you’re all set to file, you can do so by paper or electronically. Due to system updates, the IRS is encouraging taxpayers to file electronically for faster refunds.
You may have followed the news about the Tax Cuts and Jobs Act – the biggest federal tax law overhaul in 31 years. By and large, this law won’t affect your taxes this season (most changes begin next tax season), with a few exceptions.
Businesses and individual taxpayers will see changes next season, including drops in personal income tax rates, near doubling of the standard deduction and child tax credit, and newly graduated corporate tax rates.
Once you’ve filed your taxes, you’re probably eagerly awaiting your refund. The IRS says it expects to issue more than nine out of 10 refunds in less than 21 days. You can also check the Where's My Refund? tool on IRS.gov and the IRS2Go phone app for projected deposit dates.
Don’t throw your tax return documents away! The IRS recommends keeping these documents on file for at least three years.
If you have questions about the 2018 tax season, the government has a number of free resources available. The Let Us Help You page helps answer most tax questions, and the IRS Services Guide links to other IRS services. Taxpayers can always visit irs.gov/account for more information about their federal tax account.
When it comes to your taxes, you want to be sure you’re making the most out of your money. That’s where Schlenner Wenner & Co. comes in.
Business taxes can be daunting, with complex and ever-changing rules. At Schlenner Wenner & Co., we break down those regulations for you so you’ll know what your business is looking at.
With 40 years of experience under our belt, you can trust we’ll minimize tax liabilities for you or your business, and set you up for a promising financial future.