Digital Tools for Tax Season
Tax season is upon us. According to the IRS, about 90 percent of taxpayers now file their taxes electronically. The agency touts the service as more accurate, convenient and secure than paper claims, and people usually receive their tax refunds faster.
The IRS offers free tax filing assistance to filers who earn $54,000 a year or less, and people age 60 or older.1 For those who prefer to complete their own returns, there are several helpful resources at IRS.gov.
At the website, you can find an electronic copy of Publication 17, which provides the general rules for filing a federal income tax return. There also is an “Interactive Tax Assistant” that provides answers to frequently asked questions on a variety of topics, such as whether you need to file a return, who you can claim as a dependent and whether you’re eligible to claim an education credit.2
Once you’ve filed a return, you can monitor the status of a refund within 24 hours of IRS receipt using the “Where’s My Refund?” tool. It is located at the IRS.gov website, or you can download the IRS2Go mobile app.3 For a general idea of when you’ll receive a refund based on when you submitted your return, check out the table here.4
If you have questions or would like help completing your taxes, we can refer you to one of the experienced tax professionals within our network. It’s a good idea to work collaboratively with your tax professional and your financial professional in order to help maximize opportunities for tax savings.
For a comparison and ratings of some of the most popular online tax services, check out PC magazine’s review of the “Best Tax Software of 2018.” The rundown includes H&R Block, TaxAct, TaxSlayer and Intuit TurboTax Deluxe, among others.5
While working to complete your tax return by the April 17 deadline, it’s a good time to start considering rules that will be changing for 2018. For example, deductibility of interest on home equity loans and lines of credit (HELOCs) will apply only on loans used to buy, build or substantially improve a home.6
If we can be of any assistance please give us a call at 801-990-5055.
Our firm assists retirees and pre-retirees in the creation of retirement strategies utilizing investment and insurance products. Advisory services offered through B.O.S.S. Retirement Advisors, a Registered Investment Advisory firm.. Insurance products and services offered through B.O.S.S. Retirement Solutions. Marketing materials provided by Infinity Marketing Services. Reverse mortgage loan origination services are offered through Just Reverse Mortgage (NMLS# 349667), a Utah licensed mortgage broker and subsidiary of B.O.S.S. Retirement Solutions. Brian Thompson is a licenses loan originator (NMLS # 22476). www.NMLSConsumerACCESS.org
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This content is provided for informational purposes only. It is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.We are not affiliated with any government agency including the Social Security Administration.
1 IRS.gov. Feb. 6, 2018. “Six Reasons to E-file.” https://www.irs.gov/newsroom/six-reasons-to-e-file. Accessed Feb. 6, 2018.
2 IRS.gov. Jan. 29, 2018. “IRS Tax Tips 2018-14: Check Out These Three Tools on IRS.gov.” https://content.govdelivery.com/accounts/USIRS/bulletins/1d6b25e. Accessed Feb. 5, 2018.
4 Isaac M. O’Bannon. CPA Practice Advisor. Dec. 28, 2017. “2018 IRS Income Tax Refund Chart – When Will I Get My Tax Refund?” http://www.cpapracticeadvisor.com/news/12370552/2018-irs-income-tax-refund-chart-when-will-i-get-my-tax-refund. Accessed Feb. 5, 2018.
5 Kathy Yakal. PC. Feb. 9, 2018. “The Best Tax Software of 2018.” https://www.pcmag.com/article2/0,2817,1904319,00.asp. Accessed Feb. 5, 2018.
6 Suzanne Woolley. Bloomberg. Jan. 29, 2018. “How to Game Next Year’s Taxes Now.” https://www.bloomberg.com/news/articles/2018-01-29/eight-ways-to-prepare-for-the-new-tax-law. Accessed Feb. 5, 2018.
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