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Tax News & Updates


 

Thanks for a great season!

As we are finishing up extensions, we would like to send our sincere thanks to everyone who filed their taxes with us this year! 

5 Important Changes for the 2016 Tax Filing Season

There have been many significant changes in the tax laws that will affect the filing of your 2016 tax returns. Listed below are a few of the most common changes: 
  1. Most tax reporting documents are required to be mailed by January 31 (W-2s/1099-MISC). However forms 1099-B (Proceeds from Broker and Barter Exchange Transactions) and 1099-S (Proceeds from Real Estate Transactions) are not required to be mailed until February 15, 2017
  2. Form 1095-A, 1095-B, and/or 1095-C will be required to validate health insurance coverage. Be sure to look for these forms from your employer or insurance provider.
  3. Form 1098-T (Tuition Statement) is now required for those claiming tuition credits. If you, your spouse, or dependent child attended college be sure to bring the form 1098-T along with amounts and dates of any payments made for tuition, books, fees, and equipment actually paid in 2016. 
  4. Identification, such as a driver’s license, is now required for both the taxpayer and spouse. 
  5. The IRS will not begin to issue refunds for tax returns that claim the Earned Income Credit or the Additional Child Tax Credit before February 15, 2017. These refunds most likely will not be deposited in bank accounts until the week of February 27, 2017. This applies to the entire refund, even the portion not associated with these credits. To speed up the process, it is best to have the returns prepared and filed as soon as you have all necessary information.  
Our professionals at Summit Accounting & Tax are well versed on the changes and are available if you have any questions or concerns. If you have any questions or would like to schedule an appointment for tax preparation services, please call 330-644-8181.  We look forward to serving you at 611 W Turkeyfoot Lake Road, Suite B Akron, Ohio 44319.