Now is the time to prepare for tax season

Now is the time to prepare for tax season

The filing deadline to submit your 2017 tax return is April 17, 2018. With tax season opening on January 29, 2018, the window for 2018 is less than the previous year with only 79 days compared to the 86 days of 2017.

With this in mind, many individuals are preparing important tax documents and other financial statements for tax day. The first step is always preparation and there should also be a good sense of understanding about your financial picture and how it relates to taxable income.

If you didn’t have many changes to income or life situations in the past year, then your tax picture should be similar to 2016, within the current structure. But if your income changed or you went through any other life changes then it may be different this tax season. 

In this article from Forbes, tax brackets for 2017 tax year are outlined below:

When it comes to standard deductions, the amount for individuals filing single is $6,350 while the amount for filing jointly is $12,700 which is an increase of $100 from the previous year. The area of deductions can be new territory for those filing on their own so it is important to understand the whole picture.

If you’re an individual with a detailed tax scenario, then Dempsey Vantrease & Follis is an ideal fit to help guide you through the process. Our team of experienced tax professionals are committed to helping individuals with tax preparation and minimizing your tax liability.