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David M.Green Bookkeeping and Tax Service

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Federal Tax Refunds in 2017

Posted on December 14, 2016 at 11:55 AM Comments comments (21)
Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund.
The IRS still anticipates issuing more than nine out of 10 refunds in less than 21 days, but there are some important factors to keep in mind for taxpayers.

Beginning in 2017, a new law requires the IRS to hold refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit until mid-February. Under the change required by Congress in the Protecting Americans from Tax Hikes (PATH) Act, the IRS must hold the entire refund — even the portion not associated with the EITC and ACTC — until at least Feb. 15. This change helps ensure that taxpayers get the refund they are owed by giving the IRS more time to help detect and prevent fraud. As in past years, the IRS will begin accepting and processing tax returns once the filing season begins. All taxpayers should file as usual, and tax return preparers should also submit returns as they normally do – including returns claiming EITC and ACTC. The IRS will begin releasing EITC and ACTC refunds starting Feb. 15. However, the IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or on debit cards until the week of Feb. 27 (assuming there are no processing issues with the tax return and the taxpayer chose direct deposit). This additional period is due to several factors, including banking and financial systems needing time to process deposits. After refunds leave the IRS, it takes additional time for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts and products. The IRS reminds taxpayers many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. For EITC and ACTC filers, the three-day holiday weekend involving President’s Day may affect their refund timing.
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Business E-Filing For Partnership, C-Corp, S-Corp and Non-Profits will be down after December 26th

Posted on December 14, 2016 at 11:54 AM Comments comments (21)
Business E-Filing will be down from December 26th until the start of tax season January 23rd
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2017 Standard Mileage Rates for Business, Medical and Moving Announced

Posted on December 14, 2016 at 11:53 AM Comments comments (29)
The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also
53.5 cents per mile for business miles driven, down from 54 cents for 2016
17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016
14 cents per mile driven in service of charitable organizations

The business mileage rate decreased half a cent per mile and the medical and moving expense rates each dropped 2 cents per mile from 2016. The charitable rate is set by statute and remains unchanged. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.
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Federal Tax Refunds in 2017

Posted on December 9, 2016 at 3:45 PM Comments comments (20)
Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund.
 
The IRS still anticipates issuing more than nine out of 10 refunds in less than 21 days, but there are some important factors to keep in mind for taxpayers.
Beginning in 2017, a new law requires the IRS to hold refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit until mid-February. Under the change required by Congress in the Protecting Americans from Tax Hikes (PATH) Act, the IRS must hold the entire refund — even the portion not associated with the EITC and ACTC — until at least Feb. 15. This change helps ensure that taxpayers get the refund they are owed by giving the IRS more time to help detect and prevent fraud.
As in past years, the IRS will begin accepting and processing tax returns once the filing season begins. All taxpayers should file as usual, and tax return preparers should also submit returns as they normally do – including returns claiming EITC and ACTC.
 
The IRS will begin releasing EITC and ACTC refunds starting Feb. 15. However, the IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or on debit cards until the week of Feb. 27 (assuming there are no processing issues with the tax return and the taxpayer chose direct deposit). This additional period is due to several factors, including banking and financial systems needing time to process deposits.
After refunds leave the IRS, it takes additional time for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts and products. The IRS reminds taxpayers many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. For EITC and ACTC filers, the three-day holiday weekend involving President’s Day may affect their refund timing.
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Tax Season Begins Monday January 23, 2017

Posted on December 9, 2016 at 3:14 PM Comments comments (16)
Tax Season Begins Monday January 23, 2017, please note that tax returns with Earned Income Tax Credit and Additional Child Tax Credit will not be processed by the IRS until February 15th. Our tax season Hours will begin January 23rd and we will be available for the following services up until 9pm including Tax Preparation,Tax Representation, Tag and Title, Notary, and Insurance. This tax season we will be offering bilingual services including tax preparation, notary and tags and title.The filing deadline to submit Individual Tax Returns is Tuesday April 18th, 2017.

Our tax season hours are:

Monday through Friday- 8:00am-9:00pm
Saturday- 9:00am-5:00pm
Sunday- 10:00am-2:00pm Sunday will be by appointment only
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Texas Judge issues Nationwide Injunction Against Obama's Overtime Rule

Posted on November 23, 2016 at 10:58 AM Comments comments (109)
A federal judge in Texas has issued a nationwide junction blocking the Department of Labor’s rule requiring overtime pay for more than 4 million new workers.
In a 20-page decision, U.S. District Judge Amos L. Mazzant ruled that 21 states and more than 50 business groups that sued to block the rule stood a significant chance of success and would suffer serious financial harm if the rule was put into effect as scheduled on Dec. 1. The Obama administration overstepped its authority by raising the salary cap below which all workers must receive overtime pay from $455 a week to $921 a week or $47,892 a year, the judge wrote.

It is unknown whether the litigation will kill the rule entirely, but a decision is likely not going to be made before Jan. 20
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Small Business Saturday November 26th Extended Hours

Posted on November 22, 2016 at 1:32 PM Comments comments (19)
We will be open a extra hour for Small Business Saturday November 26th, our hours this Saturday will be 9:00am-5pm for tax, notary, tags and title, and health and medicare insurance services.

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Last Day to E-File Tax Returns is November 29th until the Start of Tax Season

Posted on November 19, 2016 at 12:16 PM Comments comments (2)
The last day to e-file tax returns will be November 29th after that the IRS E-file System will be down for maintenance. Tax Returns will have to be mailed until the start of tax season which should be around the 3rd week of January.
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National Tax and Notary Instructor

Posted on November 19, 2016 at 11:39 AM Comments comments (10)
I am honored to have taught tax and notary seminars around the country this year. So far next year I will be teaching in Dallas and Las Vegas.We will be listing all of the cities that I will be coming to next year to teach.
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IRS Announces 2017 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2017

Posted on October 27, 2016 at 2:09 PM Comments comments (24)
The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the saver’s credit all increased for 2017.
Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions.  If during the year either the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. (If neither the taxpayer nor their spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.)   

               Here are the phase-out ranges for 2017:

  • For single taxpayers covered by a workplace retirement plan, the phase-out range is $62,000 to $72,000, up from $61,000 to $71,000.
  • For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is $99,000 to $119,000, up from $98,000 to $118,000.
  • For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $186,000 and $196,000, up from $184,000 and $194,000.
  • For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.

The income phase-out range for taxpayers making contributions to a Roth IRA is $118,000 to $133,000 for singles and heads of household, up from $117,000 to $132,000.  For married couples filing jointly, the income phase-out range is $186,000 to $196,000, up from $184,000 to $194,000.  The phase-out range for a married individual filing a separate return who makes contributions to a Roth IRA is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.
The income limit for the saver’s credit (also known as the retirement savings contributions credit) for low- and moderate-income workers is $62,000 for married couples filing jointly, up from $61,500; $46,500 for heads of household, up from $46,125; and $31,000 for singles and married individuals filing separately, up from $30,750.

Highlights of limitations that remain unchanged from 2016
  • The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $18,000.
  • The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $6,000.
  • The limit on annual contributions to an IRA remains unchanged at $5,500.  The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.
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