Tax Season 2017: Part 1

Tax season has officially begun! As of January 23rd, millions of taxpayers are able to file with the Internal Revenue Service. Unfortunately, similar to 2016, those who choose to file early will once again face a delay in receiving their refunds.

Despite having the ability to file in January, 2017's taxpayers will have to wait till February 15th for the IRS to start sending out refunds. This means that an IRS tax refund probably won't land in your bank account till the following week. But aside from the refund schedule here are a few other items worth knowing:

Take Advantage of E-File & Free File

When it comes to filing your tax return, there's no easier way than through the IRS' e-file technology. Not only is this the fastest way to pay your taxes, it's also the safest. 

The IRS also offers free, user-friendly software for those who have an income below $64,000. This software is known as "Free File". For those with an income level above $64,000, the IRS does offer free fillable forms. However, it should be known that you do need to have technically sound knowledge when it comes to tax preparation.

Safeguard Improvements

Every year, the IRS partners with leaders software, tax preparation, and financial product processors industries at the Security Summit. Along with them, they also collaborate with state tax administrators. The general purpose is to continually improve their processes against identity theft and refund fraud.

According to the IRS, "the 2017 focus revolves around “trusted customer” features that will help ensure the authenticity of the taxpayer and the tax return - before, during and after a tax return is filed. The additional protections will build on the 2016 successes that prevented fraudulent returns and protected tax refunds."

Working with the Affordable Care Act

For many taxpayers, it's as simply as checking off a box, acknowledging that every member of the family has healthcare coverage. Under the Affordable Care Act, each family member must have health insurance for every month of the year or an exemption. Also, taxpayers can make an individual shared responsibility payment.

For further information on how the Affordable Care Act impacts you as a taxpayer, check out the IRS ACA page, which provides useful information pertaining to its tax provisions. For help with legal assistance, please contact Michna Law Group at 1 (847) 446-4600 or at BJM@MichnaLaw.com.

Don't forget to check back next week on our second installment on tax season 2017.