Remember that the 2017 Tax Filing Season begins January 23

2017 Tax Filing Season begins January 23 for Nation’s Taxpayers and the Tax Returns Due April 18.

The IRS will begin accepting electronic tax returns that day and they reminds taxpayers that should make sure they have their year end tax statements in hand and that they should keep copies of their prior year tax returns for at least three years.

GUARDIAN INSURANCE AGENCY located in Fairburn, Lagrange and Norcross, has 6 things that you need to know about taxes:

1. Find out if you have to file a federal income tax return: Not every person who receives income during the calendar year has to file a federal income tax return. There are a some factors that affect whether you have to file including your age and your filing status, how much you earned and the source of that incomes. 

2. You can take advantage of tax breaks and credits even if you don’t need to file a federal income tax return. 

3. If you are self employed, you need to make estimated payments. The tax system is considered “pay as you go.” If you don’t have an employer or you get paid without having federal income taxes withheld, The IRS expects you to do the work and pay up if you expect to owe more than $1,000 at tax time. This applies to the self employed (including freelancers), also to landlords, S corporation shareholders, partners in a partnership and taxpayers with significant investments. Estimated taxes must be paid quarterly. If you skip a payment or pay late, you may be subject to a penalty.

4. Even if you can’t pay your tax bill, you should file a return . Penalties apply for failure to file a return and failure to pay your tax. To reduce the penalties, be sure to file your return even if you can’t pay up. You have some options, including payment by credit card and a payment plan with IRS if you don’t have the ability to pay your entire tax bill.

5. Due dates matter. If you don’t file and pay by your due dates, you will be penalized and the interest can rise quickly. To avoid that, file your return as soon as possible even if it is past the due date. If you need to request an extension, you can do so right up to the due date.

6.  You can contribute to your individual retirement account (IRA) in your filing year and make it count to reduce your tax bill for the previous tax year so long as you act by Tax Day.

At GUARDIAN INSURANCE AGENCY located in Fairburn, Lagrange and Norcross we help you with all about the Tax Filing Season.

For more Information contact us: (706)884-5006 or (770)969-5666

Please visit us: www.go-guardian.com

Don´t forget to renew your Tax ID number (ITIN).

An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. 

The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number (SSN) from the Social Security Administration (SSA).

The IRS issues ITINs regardless of immigration status, because both resident and nonresident aliens may have a U.S. filing or reporting requirement under the Internal Revenue Code. They do not serve any purpose other than federal tax reporting. An ITIN does not authorize work in the U.S. or provide eligibility for Social Security benefits or the Earned Income Tax Credit.

All ITINs not used on a federal tax return at least once in the last three years will no longer be valid for use on a tax return as of Jan. 1, 2017. Additionally, all ITINs issued before 2013 started to expire in 2016. 

You May Need to Renew Your Expired ITIN:

- All ITINs with middle digits 78 or 79 (9NN-78-NNNN and 9NN-79-NNNN) expired Dec. 31, 2016.

-All ITINs not used to file a U.S. tax return at least once for tax years 2013, 2014 or 2015 expired Dec. 31, 2016.

Only taxpayers who will be included on a U.S. tax return in 2017 need to renew their ITIN. Timely renewal of ITINs will help avoid processing delays.

In GUARDIAN INSURANCE AGENCY located in Fairburn, Lagrange and Norcross we help you with your Tax ID Renew!

For more Information contact us: (706) 884-5006 or (770) 969-5666

Please visit us: www.go-guardian.com