As you may have heard, the IRS recently announced a one-to-two week filing delay for individual taxpayers. What does this mean to you? If you are a taxpayer who has all their information gathered and filed before January 31 expecting an early refund, you will be waiting awhile longer.
While the actual time to begin to submit your return has been pushed back, (sometime between January 28 and February 4 according to the IRS; it had been January 21), the deadline for filing (April 15) has not changed.
“This is also a good time to revisit your withholding. Many taxpayers are unaware what effect significant life-changing events can have on their taxes. While the top-of-mind income changes such as marriage or divorce are common, financial changes such as college tuition, mounting out-of-pocket medical bills, receiving a bonus or a incurring a pay reduction are all reasons to meet with your tax advisor and reassess your withholding amount. With two months left in the tax year, taxpayers can also readjust and slow down the withholding amount, meaning less tax will come out of their paycheck.” said Tax Partner Jim Forbes, CPA.
Do you have questions about the tax filing delay, your taxable income or your withholding amounts? Contact Jim Forbes at 440-449-6800 for free initial consultation.