We might only be a couple of weeks into the new year, but before you know it, the April 17th tax deadline will be here. Minimize errors, maximize deductions, and speed up your tax refund by turning to NTRC Tax and Finance for your business and personal taxes. Here are a few things you need to get started.
Start Gathering Your Tax Documents
Your tax documents should all be postmarked by January 31, 2018. This includes your W-2, 1099, and 1095-A required for your personal taxes. However, depending on your income, the major life events that have occurred during the year (marriage, divorce, or parenthood), and the deductions you qualify for, you may need to gather documents you likely have on file. Please visit our article What Documents Do You Need To Gather For Your 2017 Taxes? for a detailed list of personal and business tax documents you will need.
Check Your ITIN Expiration
Expired Individual Taxpayer Identification Numbers (ITIN) take between 9 and 11 weeks to renew. You will need to renew your ITIN if:
- It expired in 2017.
- Your ITIN has not been used in the past 3 years.
- Your ITIN has middle digits 70, 71, 72, or 80.
Tips For Speeding Up Your Refund
Here are a just a few tips for getting your 2017 tax refund sooner rather than later:
- Even if you are still waiting on a few documents, schedule your appointment with NTRC Tax and Finance in advance.
- Have a professional accountant prepare your taxes, eliminating refund delays due to common DIY tax mistakes.
- Submit your taxes ASAP. While the IRS cannot issue refunds for individuals claiming Earned Income Tax Credit (EITC) or Additional Chile Tax Credit (ACTC) prior to February 27, 2018—the sooner you submit, the sooner your refund will be processed.
- Eliminate delivery delays to the IRS by e-filing. This will also enable you to view the status of your return and refund.
- Select direct deposit opposed to a paper check.
NTRC Tax and Finance prepares and files business and personal taxes and is available for Business Consulting, Financial Planning, Compliance Auditing, Year-Round Accounting, and more!