The tax filing season for 2017 began on January 23rd and will continue until April 18th, 2017. So it’s that time of the year when you should have your W-2 or 1099 forms in hand.
It is also that time of the year when you should sign up for our cloud-based tax hosting services.
This time the deadline for paying taxes has been extended to April 18. Usually the deadline falls on April 15, but this time April 15 falls on a Saturday and April 17, Monday, is the Emancipation Day in the District of Columbia. So the tax filing deadline has been extended.
There is no big difference over the tax rules this year and the last year. The deductions are pretty much the same as well, regardless of your tax bracket. However, that doesn’t mean you will be paying the same amount of tax as you did last year or the year before that.
A lot of things will be different. For one, the mileage rate is lower this year. You will get a tax break for using your vehicle for the purpose of business, charity or medical uses. The IRS mileage rate is 54 cents per mile for businesses, down from 57.5 cents last year. For moving or medical purposes, the mileage is 19 cents, while last year it was 23 cents. So that has changed.
This time it is possible that your refund might get delayed. There are many taxpayers who claim the Additional Child Tax Credit and the Earned Income Tax Credit. They can get their refunds withheld until February 15. This is to give the IRS time to identify any errors or frauds in the system.
What has changed is that you need an appointment to walk into the IRS taxpayers Help Center. Also, you will not be allowed to carry your smartphone inside. No cameras allowed, either.
There are six tax brackets in all, 10%, 15%, 25%, 28%, 33% and 35%. Your tax bracket may have changed. Single taxpayers that make $415,050 a year are in the top tax bracket of 39.6 percent. This was $413,200 last year.
For married couples filing jointly, joining the highest tax bracket would require them to earn $466,950 a year. That’s up from $464,850 the previous year. The income levels for all tax brackets have been slightly changed.
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