Individual income tax filing season begins in MI

Today, the Indiana Department of Revenue and the Internal Revenue Service (IRS) opened the 2017 individual income tax filing season and began processing individual income tax returns.

The trade-off the IRS is making is especially tough for the working lower class. Statistics show they depend heavily on these yearly tax refunds.

Last year, more than 4 million MI taxpayers e-filed and had their refunds directly deposited into their bank accounts.

Make sure that your name and dependent names are the same as they appear on Social Security cards and double check bank routing and account numbers used on tax forms for direct deposit.

Free filing options - almost two million IN taxpayers qualify to file their federal and state income taxes online for free using IN freefile.

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"You can't necessarily monitor tax ID fraud, because of the fact that so much of our information is out there", says Greg McBride, Chief Financial Analyst at Bankrate.com. All individual income tax returns must be e-filed or postmarked by Tuesday, April 18, 2017.

Any ITIN that hasn't been used on a tax return at least once in the past three years, as well as any ITIN with middle digits of 78 or 79, must be renewed before a return can be processed.

What about state income tax returns? Taxpayers can visit IRS.Gov/GetReady for more tips on preparing to file their 2016 tax return. "The electronic filing PIN is no longer an option".

It's the time of year many Americans dread.

He advises the tax payers that will be most affected by the change, to plan for the delay.

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The tax filing season starts January 23rd. but the new law requires the IRS to delay tax refunds for people claiming the EITC and ACTC credits until February 15th.

"Note that the Additional Child Tax Credit is not a credit for additional children".

The delayed refunds are part of a broader effort by the IRS to fight identity theft and fraud on refunds, which has mushroomed into a multibillion industry.

"Basically, if you have any portion of your Child Tax Credit 'left over, ' you may be eligible to receive some or all of it as a payment through the Additional Tax Credit", the IRS explains.

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