Tax season is upon us again friends and do not fret, we are here to make tax season as easy as we can for you. In this blog, we are clearing up some tax misconceptions and giving you information to prepare you for the tax season.
Starting off, the filing deadline this year is NOT April 15th. This year due to the 15th falling on a weekend and Monday being a legal holiday, taxes will be due on Tuesday, April 17th. Don’t take that as an invitation to wait until the last minute to try and file. Getting your taxes in order early will reduce the stress of it all.
There were some tax reforms made this year. In order to reflect that the IRS has released new withholding tables for 2018 (you can view them by clicking here). These new tables do not affect your tax return that you file in 2018. It won’t be until 2019 that the new tables will affect you.
While we are talking about refunds, there are many rumors that suggest you can employ some trick and figure out when you will get your refund. A recent one was you can ask for tax transcript and that will tell you when you get your refund. If you click on this link the IRS has a resource that will be the most reliable for determining when you refund Is available.
If you have any common tax questions using the website is usually faster than sitting on hold with the IRS. The IRS website has tons of tools free to use to help make your life easier. Know that though you can call the IRS, that they will never initiate communication with through call, text, email, or anything other than mail. If someone calls you and claims to be the IRS they are likely attempting to commit identity theft. We have an older blog dedicated to IRS scams, you can read that here. If you aren’t sure, be on the safe side and never give out personal information.
Lastly, the standard deductions and exemptions have not changed. Those will be listed for you here. We hope this makes your tax season a little easier.
The Pathways Team