Make calls to the IRS go more smoothly

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Be prepared to validate your identity. Mid-February marks the IRS’s busiest time of the year for telephone calls. Because validating your identity is important when making a call, the IRS has provided tips. Callers should have the following ready when they call about a personal tax account: Social Security numbers and birth dates for those listed on the tax return, an Individual Taxpayer Identification Number for those without a Social Security number, filing status and the tax return(s) in question.

Do You Qualify for the Health Care Premium Tax Credit?

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Individuals and families can buy private health insurance through affordable insurance exchanges, which are marketplaces where individuals can shop for private health insurance. If you purchase health insurance through an exchange, you may be eligible for a tax credit that will make your coverage more affordable.

The credit is aimed at middle-income individuals and families. A larger credit is available for older individuals whose coverage costs may be higher. The credit will be refundable, which means it can be used by people who pay little or no federal income tax. You can also arrange for the credit to be paid to your insurer in advance so that you have little or no out-of-pocket costs for your healthcare premiums. Are you eligible for the credit? We can help you find out and work with you to make the best use of your health insurance dollars. Call us today with all your questions about health care or any other tax or financial concerns.

New Due Dates Could Ease Partnership Frustrations in 2017 Filing Season

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Have you been frustrated in the past due to complications in finalizing your return because scattered filing dates made it difficult to gather the information you needed when you needed it? In earlier tax years, that is particularly the case for individuals or organizations that were partners in partnerships or other “pass-through entities.” There should be relief in the coming tax season, however, because of new federal legislation that better aligns due dates. Also, many states have changed their return filing due dates so that they coincide with federal filing dates. For example, Schedule K-1s are now due March 15 (or September 15 for extensions), but other forms are also affected. The new dates can make it easier to include information reported on a K-1 in a personal or business return.

These changes were long advocated by the accounting profession because we’re always looking out for the best interests of our clients and the public. Be sure to contact us with any questions on what the new dates might mean for your return or about any of your financial concerns.

Stop Tax Identity Theft in Its Tracks

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Imagine after sending in your annual tax return, you receive a notice from the Internal Revenue Service saying that another return has already been filed using your name and Social Security number—and claiming a refund. Sound impossible? It can happen if you become one of a growing number of victims of tax return identity theft. According to one estimate, tax-related identity theft cases have soared more than 650% since 2008. At the least, this crime can lead to a delay in your refund, but the consequences may be much more severe. Also, you may face a larger problem with identity theft if the scammer is also running up credit card debt or taking out loans in your name.

To avoid becoming a victim, we recommend steps such as safeguarding your Social Security number and other financial information, keeping an eye on changes to your credit ratings and taking precautions with electronic transfers of confidential information. Be sure to contact us if you believe you have been a victim of identity theft or would like advice on the best ways to secure your financial information.