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Posted by on Jan 13, 2017 in Savings Advice | 0 comments

3 Changes to Keep an Eye Out for During the 2017 Tax Season

computer-receipts

The time for filing our taxes is right around the corner, and it’s important to start preparing your finances now. Start digging out those old receipts, research where you made donations and when, and of course you need to research what changes are being made this tax season and whether or not they may affect you. Learn what changes have been made that you need to be aware of this coming tax season!

1. If you’re planning on filing early, keep in mind that the IRS will be holding refunds on EITC and ACTC-related returns until February 15. You can still file early, just don’t expect to see your refund until after that time!

2. The different tax brackets tend to fluctuate each year, so make sure you know what tax bracket you are in so you can file your taxes as efficiently as possible. To get the best and most professional help, you might want to schedule a meeting with the financial professionals at H&R Block to make sure you are getting the most out of your tax return.

3. If you are married, itemized deductions for married couples have new limitations, so make sure you are aware of what those are and how they could possible affect you. Online tax tools like TurboTax can walk you through these itemized deductions.

As we get closer to that time of the year, more changes may surface. Make sure you are prepared by reaching out to your personal financial planner, or if you are new to managing your taxes on your own, schedule a consultation at your local tax prep office. You can even visit your local government website to do some extra research before you file.

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