Take Steps Now for Tax Filing Season

Get ready today to file your 2017 federal income tax return.

 

Refunds

What You Need to Know

  • Expecting a refund? Some refunds cannot be issued before mid-February.
  • While the IRS will process your return when it is received, it cannot issue related refunds before mid-February.
  • The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb 27, 2018, if they chose direct deposit and there are no other issues with the tax return.

What You Need to Do

  • Be careful not to count on getting a refund by a certain date, especially when making major purchases or paying other financial obligations.
  • File a complete and accurate return and include all known refundable credits with your original return.
  • File when you’re ready. If you usually file early in the year and you’re ready to file a complete and accurate return, there is no need to wait to file.
  • Check Where’s My Refund on IRS.gov or the IRS mobile app, IRS2Go, for your personalized refund status.

 

Adjusted Gross Income (AGI)

What You Need to Know

  • If you prepare and file your own taxes electronically, you must sign and validate your electronic tax return by entering your prior-year AGI or your prior-year Self-Select PIN.
  • Some taxpayers using a software product for the first time may need to provide their 2016 Adjusted Gross Income, or AGI, to e-file their 2017 tax return.
  • If you are using the same tax software you used last year, you will not need to enter your prior year information to electronically sign your 2017 tax return.
  • Using an electronic filing PIN is no longer an option.

What You Need to Do

  • If you are using a software product for the first time and you have a copy of your 2016 federal income tax return, your AGI is on line 37 of the Form 1040; line 21 on the Form 1040-A or line 4 on the Form 1040-EZ.
  • If you don’t have a copy of your 2016 tax return:
    • Ask your paid preparer, if you used one last year.
    • Log in to IRS.gov/account to access your account information.
    • Log in to IRS.gov to get various Form 1040-series transcript types online here. If you need your prior year Adjusted Gross Income (AGI) to e-file, choose the tax return transcript type when making your request.
    • Ask the IRS to mail a Tax Return Transcript to you by requesting it here or call 800-908-9946. Allow 5 to 10 days for delivery.

 

Individual Taxpayer Identification Number (ITIN)

What You Need to Know

  • If you require an ITIN (required in lieu of a Social Security Number) to file a tax return, you are likely to experience processing delays if you file using an expired ITIN.
  • There are two reasons your ITIN would expire December 31, 2017:
    • If you have not used your ITIN on a U.S. tax return at least once for tax years 2014, 2015 or 2016 or
    • If your ITIN has the middle digits 70, 71, 72 or 80   (9NN-70-NNNN)
  • If your ITIN has middle digits 78 or 79, it expired December 31, 2016, but you can still renew it.

What You Need to Do

  • Renew your ITIN now if it has or will expire and you need to file a U.S. tax return in 2018.
  • You don’t need to take any action to renew your ITIN if you are not required to file a tax return.
  • Understand the new documentation requirements when applying for or renewing an ITIN for some of your dependents. See ITIN FAQs for details.
  • Ensure you submit an accurate W-7 and valid ID documents.
  • Find more information at IRS.gov/ITIN.

 

About
“If you can't figure it out, figure out a "work-around!" The NestEggg Group was founded with a firm belief that working exclusively with professional firms to help them see past their history into the potential of their futures. Your potential is limited only by your creativity. Jeff's business purpose— “why”—centers on changing results through viewing things in new ways. He expounds: “Changing our results requires changing our actions. Because what we do proves what we believe, only when we change our beliefs can we progress. New insights are what cause us to shift our beliefs.” So what results do you want to attain? Call Jeffrey (1-888-987-NEST) when it’s time for progress. About Robert "Jeffrey" Wolter, President The NestEggg Group, Inc & EgggsAct Tax, Inc. & Managing Member NestEggg Investment Advisors Jeffrey is a common sense and productivity strategist. He facilitates and teaches about growth, positioning, and pricing strategies; leadership; operations; business communications and philanthropy. What he does best—differently from others—is energize people while he shows them how to solve business effectiveness. He clarifies the intricate, huts new light. He encourages hope. He sets you up to make development possible. Jeffrey is recognized for his original ideas and success with practical implementation, even as he challenges the "norm". Jeffery is a skilled facilitator. His deep knowledge of his firm(s) operations and ability to understand the intricacies of All of his clients, gives way to sharp observation skills allow his grasp a firm’s nuances quickly. He then guides firm owners and their teams on their unique paths toward improved profitability, smoother operations, stronger cultures and how and when to give back. Since 1998, he's helped more than 5,024 QuickBooks users and business owners achieve results such as: expanding revenues, attracting and inspiring talent, aligning operations with long-term objectives, discovering and leveraging their differentiation, substantially increasing sales and proposal results, strengthening relationships with their clients, and finding more joy in their work. His 25+ year career background includes roles as entrepreneur, finance director, board of director for several nonprofit, creative business development, insurances agency owner, Wealth Management Firm owner, editor, Tax Specialist, Accounting Director, Mediator and more. Before creating his firm in 2007, Jeffrey was an accountant for several well know local firms and individuals. After building a successful accounting practice, he became intrigued and inspired by the uniqueness of how Insurance, Investment's/Wealth Management, Taxes and Accounting/Bookkeeping all tend to work together, he branched out and created his list of Affiliate Companies in 2012 & 2013 In 2013, joined the Intuit Accountants Council and has assisted in the continued enhancement of the popular QuickBooks (Desktop and Online versions) and did so until late 2015. In 2014 with the legalization of Marijuana, Jeff and his team have committed themselves to knowing as much about the industry and being there to offer Cannabis Compliant, Accounting, Tax & Insurance to business owners that have or need help in keeping in with the Federal government's "280E"
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