Tidbits of Tax Information

Standard

Retain tuition statements. Beginning on your 2016 tax return, you will need to obtain Form 1098-T in order to claim education tax benefits.

March 1 is the filing deadline for 2016 tax returns for farmers and fishermen who did not make 2016 estimated tax payments.

Employers: Paper Forms 1095-B and 1095-C are due to the IRS on February 29; electronic returns are due March 31.

Taxpayers voluntarily sent $2.7 million to the Bureau of Public Debt in 2016 to help reduce the national debt.

Don’t ignore notices from the IRS. Seek assistance early on to avoid possible penalty and interest charges. The IRS is persistent.

If you find errors on you 2016 W-2s, 1099s or other tax forms, contact the sender immediately to request a corrected copy.

File a gift tax return if you made 2016 gifts of more than $14,000 to any one individual. The due date is April 18.

If you receive a big tax refund for 2016, adjust your withholding or estimated tax payments for 2017.

February 28 is the deadline for payers to file most information returns, except 1099-MISC with box 7 compensation.

Identity theft protection services offered by your employer are not taxable even if your personal information has not been compromised.

If you had a name change in 2016, notify the Social Security Administration before filing your 2016 tax return.

The optional deduction for state and local sales tax in lieu of state and local income tax is available for your 2016 tax return.

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