Oh, yes. It’s tax time once again. Lets start with dates to remember.
The IRS starts accepting tax returns – Monday, January 29th. And while you want to file as soon as you can to keep any crooks from getting your return, the IRS will not start actually processing returns with earned income tax credits or additional tax credits until February 27th. This is due to extra security measures tied in with those credits.
And you get a few extra days to file your taxes this year. April 15th is a Sunday. Monday, April 16th is a legal holiday in the District of Columbia, which pushes the national deadline to Tuesday, April 17th.
Got medical bills from 2017? One notable change you want to pay close attention to. It used to be you could deduct medical expenses, up to 10% of your income. But now, you can only deduct 7.5 % of medical expenses.
If you were effected by any type of disaster this year , there is a deduction. You can claim any damage or loss of your property from any nature disaster. Your property must be in a federally declared disaster area.
You can deduct personal property but only if it was not covered by your insurance. You must show proof that you owe the property that you are claiming. To claim this claim you will need to use a 4684 form.
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