Getting prepared for taxes

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MASON CITY, Iowa- The IRS will begin accepting 2016 tax returns on Jan. 23. D&S Tax Services IRS enrolled agent Julia Dannen provided KIMT News 3 with some tax preparation tips that you can use before filing tax returns. 

Dannen recommended taxpayers make a list of what you’ll need ahead of time. “You can sit down and think about what happened during the year, was there a change in martial status, was their a birth in the family, maybe divorce, then put down the anticipated forms you’ll be expecting in the mail, like W2, 1099-MISC.”

Collect receipts, itemized statements from donations, medical expenses and businesses expenses. Dannen said taxpayers can claim those on your return.

Dannen said taxpayers claiming credits like Earned Income Tax Credit or Additional Child Tax Credit need to be aware of the new PATH Act.

“The law [PATH Act] does not allow the IRS to release refund until February 15th,” said Dannen. She said a reason the act is in place is to help prevent identity theft.

Dannen recommended taxpayers check to see if they have a balance and owe money from previous years on the IRS website.

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