“In this world nothing can be said to be certain, except Death and Taxes.” – Benjamin Franklin
Tax season has finally arrived. Based on your financial situation, tax season can either be a stressful or exciting occasion.
The official start date of tax season is January 29th, 2018. All employers must mail out W-2s by January 31st. April 17th is the last day to file your return.
Filing your taxes early can bring major benefits to taxpayers. Aside from receiving your rapid refund, you will reduce the chance of becoming a victim of identity theft. Tax Identity theft is the result of someone using your stolen social security number to file a return.
Understand Your Tax Bracket
To make your tax filing experience easier to comprehend, know your tax bracket category.
For example, if you are filing as a single female making $9,325.00 per year, you will pay 10% of your income back in taxes.
2017 TAX BRACKETS
| TAX
RATES |
FILING SINGLE | MARRIED FILING JOINTLY | MARRIED FILING SEPARATELY | HEAD OF HOUSEHOLD |
| 10% | $0 – $9,325 | $0-$18,650 | $0-$9,325 | $0-13,350 |
| 15% | $9,325 -$37,950 | $18,650-$75,900 | $9,325-$37,950 | $13,350-$50,800 |
| 25% | $37,950-$91,900 | $75,900-$153,100 | $37,950-$76,550 | $50,800-$131,200 |
| 28% | $91,900-$191,650 | $153,100-$233,350 | $76,550-$116,675 | $131,200-$212,500 |
| 33% | $191,650-$416,700 | $233,350-$416,700 | $116,675-$208,350 | $212,500-$416,700 |
| 35% | $416,700-$418,400 | $416,700-$470,700 | $208,350-$235,350 | $416,700-$444,550 |
| 39.6% | $418,400+ | $470,700+ | $235,350+ | $444,550+ |
TOP THREE TAX FILING AGENCIES
- Turbotax (Free Software) Easy to use mobile and desktop app. Includes email and live support/help. Question and Answer type filling. Take a “Snapshot” of your W-2’s and file. TurboTax also comes with “SmartLook” feature, which will pair you with a tax expert, if you face any roadblocks.
- H&R Block More Zeros (Free Software) Easy to use. Question and Answer type filling. Best free software for itemized deductions. Physical locations for any questions you may have (no free filing for walk-ins unless you’ve purchased the software).
- TaxAct (Free Software) Email and phone customer support. Free desktop version. TaxAct allows for a more personalized tax return. The “Life Events” feature allows you to input any life-changing events that may affect your tax return.
The main goal is to ensure that you get the most out of your return by choosing the best free tax filing software available. If you have any tax questions, please consult with a CPA.
