Take Steps Now for Tax Filing Season

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Take steps now to make filing your tax return easier next year

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Begin taking steps now to ensure smooth processing of your 2016 federal tax return next year.

Be sure to make a copy of your 2015 tax return and keep it and all supporting documents for a minimum of three years. Doing so will make it easier to fill out a return next year. In addition, you may need the adjusted gross income amount from your 2015 return to properly e-file your 2016 return.

Check your withholding. This is especially important if you received a large refund or owed a larger than expected amount of tax this year. You can reduce a large refund amount and boost your take-home pay now by claiming additional withholding allowances on the Form W-4 and give it to your employer. If you owed tax, you can have additional tax withheld or make quarterly estimated tax payments to the IRS. For help, use the Withholding Calculator on IRS.gov.

You should not count on getting a refund by a certain date next year, especially when making major purchases or paying other financial obligations. Though the IRS issues most refunds in less than 21 days, some returns are held for further review. In addition, starting next year, some people will get their refunds a little later. A recent tax law requires the IRS to hold the refund for any tax return claiming either the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until February 15. By law, the IRS must hold the entire refund, not just the portion related to the EITC or ACTC. Starting February 15, the best way to check the status of a refund is with the Where’s My Refund? tool on IRS.gov or the IRS2Go Mobile App.

But For The Grace…

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The past week has been difficult in the sarcoidosis community. First there was a suicide and then there was a death from complications from this disease and finally children of a person with this d…

Source: But For The Grace…

24 Hours Of Choices

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I’ve come to the simple conclusion that while much happens in life out of my control, life is still what I make it. Every day that I am blessed to wake up, having sarcoidosis has taught me th…

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Sharing Economy Tax Center

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Source: Sharing Economy Tax Center

Tax relief available for the wrongfully incarcerated

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Taxpayers who were wrongfully-incarcerated can now take advantage of the new retroactive exclusion from civil damages, restitution or other monetary awards received in connection with their incarceration. The retroactive exclusion is only available through Dec. 19, 2016, for tax years 2012 and earlier that would otherwise be barred in most cases. Eligible taxpayers must file Form 1040X for each year these payments were reported and write “Incarceration Exclusion PATH Act” at the top.

In general, taxpayers can amend their tax returns for tax years 2013 and after by filing Form 1040X within three years after the date they filed their original return. Going forward, there are no reporting requirements for receipt of an award qualifying for the wrongful-incarceration exclusion. This means, for the year an award is received, recipients need not report the award on their Form 1040 tax return or submit any documentation to the IRS.

Details on who qualifies and how to file are contained in this set of frequently asked questions and in an IRS media release posted on IRS.gov.

50 “SarcoidosisSoldier” Life Lessons

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Sarcoidosis Soldier

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  1. No matter what happens to us, we control how we respond to it.
  2. Don’t take any drugs a doctor prescribes before knowing the full extend of their side effects.
  3. Life is too short not to laugh every day.
  4. Go to bed with gratitude in your heart for what was good about your day.
  5. Wake up each morning thinking about who and what you love most.
  6. Eat a lot of fruits and veggies.
  7. Put down the donut.
  8. Get some exercise.
  9. Don’t make excuses about anything.
  10. Rest when you need to but don’t be lazy because life is too short for laziness.
  11. Admit mistakes and apologize when you are wrong.
  12. Another person’s bad attitude doesn’t have to be our problem.
  13. Avoid drama.
  14. Watch sunsets.
  15. Sit by the sea whenever you can.
  16. All politicians lie.
  17. We don’t have to agree to get along.
  18. Diversity of thought is a good thing.
  19. We cannot win…

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