Let’s face it – other than the turbulent election season, tax season, year-after-year takes the crown as the least favorite time period for the average American. As if tax season isn’t difficult enough, there are some notable changes from 2016 that you should be aware of as you begin your tax preparations for the 2017 tax season, provided by LegalZoom®.
- Due to a new law, delays on tax refunds are expected. Typically the best part of tax season, the refund, will be delayed for thousands of middle- and low-income taxpayers who file early. This is due to a new law, in which the IRS is working to reduce tax fraud and identity theft. You will get your refund, just be aware it may take a little longer than usual.
- Business partnerships have a new filing deadline. “As a result of legislation enacted in 2015, some businesses will have new filing due dates this spring. Beginning with the 2017 tax season, business partnership tax returns—Form 1065—will have a new filing deadline of March 15.” said Greg Lindberg of LegalZoom®.
- If you’ve prepared a budget, set aside extra money now. While we would normally discourage bonuses and refunds from factoring into your yearly budget, we strongly recommend preparing for a delay in your tax refund. Reallocating your expenses now will help ensure you do not experience a financial short fall when the tax refund is delayed.
To continue reading, “What to Know and How to Prepare for the 2017 Tax Season” click here. To learn how these changes may affect you or for more personal help, talk to your local banker by calling or visiting any of our branches