- 1) Filing season start date
The start date was announced:
· January 29 for individual tax returns
· January 8 for business tax returns
For 2017, medical expenses deductible if over 7.5% of AGI, not 10% as planned in a previous tax bill.
Standard Mileage Rates for 2018 Up from Rates for 2017
Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017.
18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.
14 cents per mile driven in service of charitable organizations.
- 5) Form 1095-B and 1095-C
- Because of these extensions, individuals may not receive their Forms 1095-B or 1095-C by the time they are ready to file their 2017 individual income tax return. While information on these forms may assist in preparing a return, the forms are not required to file. Taxpayers can prepare and file their returns using other information about their health coverage. They do not have to wait for Forms 1095-B or 1095-C to file.
6) New Scam
Consumer Alert: IRS Warns Taxpayers, Tax Pros of New Email Scam Targeting Hotmail Users