Things Are Winding Down ...

As you read this, we are in the final stages of tax season. I know when I start writing about tax season it feels like there is a lot of time left to file. Since few people really enjoy preparing their taxes, it becomes something that is very easy to push down the to-do list and procrastinate.

BUT YOU NOW HAVE LESS THAN TWO WEEKS LEFT!!!

There’s not much more I can do than that to make you aware of the situation (come on, I used caps and exclamation points after all). At this point, I cannot guarantee that you’ll get a prime appointment time when you schedule your tax prep, but there are at least some left (for now), so get on it.

If the time crept on you too much, also get in contact if you are going to need to file an extension on your taxes. That will give you a much bigger window in which to file your taxes, but we should still talk before taking that action. There are things to consider there, too, like the fact that you gain time to file, but paying any taxes owed is still due on the 15th.

Where's My Refund?

For those of you who have filed your taxes and are waiting on a return, let this also be a time for me to reiterate that we have no secret ways to find out the exact state of your refund is in the deep IRS process and cannot do anything to see that you receive it faster.
The best way to find this information remains through the IRS itself. The agency has a Where’s My Refund? spot on its website and also has an IRS2Go app.

​These places will let you know the status of your return, if your refund is approved, and give you a good idea of when to expect that refund.  That should give the information you’re seeking, but if you anything doesn’t look right and we prepared your return, let us know, for at that time there may be some more guidance we can offer.

SALT Deductions

Finally, this has been an unorthodox tax season because everyone was curious about just how their return would look under the new rules established in the Tax Cuts and Jobs Act. You could have made good guesses about where you would stand, but that actual final number still means a lot.

And you really could only have made guesses along the way, because just how some of the rules would be implemented was unclear even into the filing season. In fact, just over the last week the IRS issued some more guidance on the new limit on deductions on state and local taxes.

This can be too “in the weeds” to handle here (especially as I talk about how tax season is winding down), but I did want to at least make you aware of the information in case it was something you wanted to know more about. So here is how the Journal of Accountancy handled the news and also a look at it from Accounting Today. 

Warmly,

Josh Bousquet
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