Mir Taxes - March Madness 2018 Tax News

Tax Refund! Congratulations!What to do With It?

A tax refund is happy news for most taxpayers…it beats owing more! But it usually greeted with ways toward frivolous spending since it is “extra money”. A new TV? A beach vacation? Remember, most of the time, it is YOUR money that you overpaid to the IRS throughout the year in taxes. While some credits are given as “free money”, most refunds are the return of your money, but no interest paid. So, what should you do with that tax refund? Is it a large one? Perhaps spending it wisely could help get on the right path financially. It can make a big difference in your debt-reduction or savings plans. Read article for some suggestions here..

Should You File Your Tax Return If You Can’t Pay Your Taxes?

So, you owe the IRS additional tax money? Can’t pay your taxes this year? Approximately, one out of six people owe additional taxes when they complete their tax return each year and most cannot pay right away. So, should you file the tax return? It is a question many people ask since they cannot pay the tax now. The thought is why generate a tax bill? Well, not filing could only make the situation worse. (Read entire article ......)

Scammers are at it again!

The IRS recently released a statement regarding continual scams that are increasing during the tax season. Besides the usual phone scams aiming individuals, thieves are also stealing client information from tax accountants to use it to file fraudulent tax returns. They use the client’s bank account information for the deposit, then utilize numerous methods to access the accounts and steal the funds.

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Extended Tax Credits for 2017 Tax Year Filing

Reminder when filing your 2017 tax returns of the expired 2016 tax credits recently extended to 2017 by Congress including these:

1)Mortgage insurance premiums deduction. 2)Discharge of residential mortgage indebtedness. 3)Energy-efficient home improvements tax credit. 4)Higher-education expenses deduction. 5)The electric vehicle credits. 6)Additional residential energy tax credit.

Read more about it in this article recently published here. Also available is the complete list released by Congress on the Tax Extenders Agreement here.

View the due dates

What's due now? March 15

Calendar-Year S Corporations

2017 income tax return due (Form 1120S) due or file an automatic six-month extension (Form 7004). BUT any tax is still due.

Calendar-year Partnerships

2017 income tax return due (Form 1065 or Form 1065-B) or file an automatic six-month extension (Form 7004).

April is around the corner!!!

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Read about the Streamlined Procedures

Behind in your taxes? Time to catch up before getting caught?

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Read all of these articles plus more on our website - www.mirtaxes.com

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