your 2017 tax return filed yet?
you still have some time. But here’s a reminder that
the tax season just kicked off Jan. 29, as the Internal
Revenue Service began accepting returns.
deadline this year is April 17.
tax software companies and tax professionals began
accepting returns a few weeks ago and will now submit
those returns as the IRS systems open.
are five things you need to know early in the tax
How soon can I get my tax refund?
the law, the IRS cannot issue refunds before
mid-February for returns claiming the Earned Income Tax
Credit and the Additional Child Tax Credit. The earliest
those related refunds could show up in bank accounts or
on debit cards could be Feb. 27.
tax experts say if you have the paperwork to file early
in the season, don’t wait.
IRS issues most refunds in less than 21 days, although
some require additional time.
What is the Earned Income Tax Credit?
lower income people still don’t realize they’re
missing out on a big bonus check during tax season if
they ignore the Earned Income Tax Credit.
estimated that Detroiters leave $54 million in unclaimed
federal tax credits for earned income on the table each
year when they don’t file returns and claim the
earned income tax credit is designed to help low to
moderate working households.
2017 tax returns, the maximum adjusted gross income
limit for claiming the Earned Income Tax Credit is
$48,340 if you’re single and have three or more
qualifying children to claim and $53,930 for a married
couple filing jointly.
limits are lower for those with fewer or no children.
For those with no children, for example, the income
limit drops to $15,010 for single, head of household and
surviving spouse filers and $20,600 for married filing
corresponding maximum tax credits range from $510 with
no qualifying children to $6,318 with three or more
EITC tip: Be sure you have all your Forms W-2, W-2G,
1099 MISC, and all other income records, even if not
reported on a form, before your file your return. And,
you need to report all income you earn from running or
owning a business or farm and deduct all allowable
Where can you find free tax help?
and individuals with incomes up to $54,000 are eligible
for free help with filling out their tax returns from
the Accounting Aid Society in metro Detroit. Assistance
is available in filing federal, state, and local tax
What’s everybody going to do with those tax refunds?
taxpayers, including millennials, are most likely to say
they’ll save the money or pay off debts, such as
student loans or credit cards, according to a poll by
some acknowledge that they will splurge, too.
one in eight taxpayers say they’re going to treat
themselves to a big gift, like electronics or jewelry.
Roughly one in eight say they’re going to use that
refund money toward going on vacation or out to dinner,
according to the TaxSlayer poll.
Where is your refund?
"Where’s My Refund?" tool at the