HATTIESBURG, MS (WDAM) - Tax season is approaching, and January 29, 2018 is the first day the Internal Revenue Service will accept your tax returns.
"April 17th is the tax filing deadline this year," Robert Cummings Jr. said.
Nearly 155 million individual tax returns are expected to be filed this year, according to the IRS.
"For 17, what you need to know is the new bill didn't change anything," Cummings said. "So, we need to get 17 done, the sooner the better. 2017 the playbook is virtually the same as the year before."
For two generations, Cummings and Cummings Certified Public Accountants have been assisting clients in Hattiesburg. Partner Cummings said it's important you walk in the door prepared when filing your taxes.
"We want a prior year tax return to reference if we can," Cummings said. "That's a great starting point. Obviously W2s and 1099s for everybody on the tax return. If you are claiming dependents we need the social security numbers and birth certificates," Cummings said. "If you are claiming the credits for Earned Income Tax Credit and Additional Child Tax Credit we need to go through additional due diligence procedures with you to determine residency of the child."
The IRS will not be able to issue refunds for the EITC and ACTC until mid February.
"See somebody reputable and ask them specifically in your case what is going to change in 2018, because you cannot make a blanket statement," Cummings said. "These bills and the tax code is so complicated. What's good for you may not be good for your neighbor and it's going to be fact dependent."
The IRS is encouraging you to file your tax returns electronically for a faster refund process.