The new tax bill and your 2017 filing
MILWAUKEE, Wis. (CBS 58) – Monday (January 29th) marks the first day the IRS will start accepting your 2017 taxes.
But experts say there is more than just an extended deadline you need to know about.
“It’s been busy,” says tax preparer John Klein. “The phones have been ringing with people setting up appointments.”
For more than 20 years John Klein has been preparing taxes and one big question he’s getting this year – what kind of effect will the new tax law have on our 2017 filing?
“It doesn’t affect so much the 2017 tax return that we’re filing now but it will affect the 2018 tax return,” explains Klein.
For this year’s filings – Klein recommends keeping good records of things like health insurance, tuition, and mortgage payments. That way you can ensure the biggest returns and have the proof you need when filing.
“Get your taxes done as early as you can,” says Jim Temmer with the Better Business Bureau.
Temmer says this is also the peak season for identity theft.
“They file fake tax returns and then they get the refund,” says Temmer. “And then you’ll send yours later and it’s a big mess.”
Avoid sending documents with personal information electronically, says Temmer, and try to drop them off in person, if at all possible.
The Better Business Bureau reminds you to be weary of giving out personal information over the phone and avoid, if at all possible, emailing documents.
The deadline to file is pushed back by two days this year since April 15th falls on a Sunday. The deadline to file is April 17th.