Visitors from around the globe came by Little Havana to be a part of the largest Hispanic street festival in the Southeastern United States. Little Havana vibrated with the hip-shaking rhythms of Latin music from salsa to hip-hop, including street performers and eight dedicated stages. Event-goers joined street dancers or create their own conga line as they bring the music to life; enjoy hundreds of international food kiosks simmering with Latin flavors, sample products from national brands and more. We are thrilled to have been a part of the Calle Ocho Festival 2017. #calleocho #calle8 #immigration #taxpreparation #creditrepair #tax #taxes #taxservice
Here at La Familia Multiservices, we have one thing in mind: you. As a dedicated tax firm with a proven record of success, we pride ourselves on helping all of our customers – individuals, small-to-medium businesses and large corporations alike – get the biggest tax returns possible. (And we’re pretty proud of it, too.) From preparing and filing your tax returns, to handling any liabilities that might pop up along the way, we’re here to make the process both easy and effective. And with tax season already upon us, there’s no time like the present to get started.
While many taxpayers like to wait until the April 15th deadline to file their returns, waiting ‘til the last minute can often make life a little harder. Here are just some of the reasons why filing your 2016 tax returns now might actually benefit you later:
You could get your tax refund early.
Think about it. It’s common sense: filing your tax returns early means an early tax refund, as well. Paper returns can take weeks, so take our advice and e-file your taxes with a direct deposit to your bank. In most cases, you’ll see your refund as soon as 10 days from the time you filed online – which means you could go on that long-awaited shopping spree in February, and not April.
You’ll have more time to pay the IRS.
Many taxpayers will file their taxes and find that have a balance due to the IRS. These payments aren’t due until tax day, April 15th, so submitting your returns in January will give you roughly three months to save until you’re able to pay them off. That’s much less stressful than having, say… three days.
You’ll get the information you need to make important financial decisions.
Our taxes determine a lot of things: like what kind of mortgage we can get, how much money the government thinks we make, what financial aid we qualify for, and the list goes on and on. In fact, when you try to buy a house or apply for financial assistance for college tuition, one of the first things you’ll need to show are your tax returns from the previous year. If you anticipate a big financial decision in the near future, file your taxes early – it will give you a head start on that process.
Filing early helps prevent tax identity theft.
As much as we try to avoid it, tax fraud does happen, and it’s an absolute pain to deal with. When your tax identity gets stolen, that means that 1) someone is trying to steal your tax refund, and 2) you usually have to go through a long, drawn-out process that could delay your refund for weeks, or sometimes, even months. These scammers aren’t new to the game and often get the job done earlier in the season. By filing your taxes in January or February, you have a better chance of evading this issue, and as a result, getting your refund quickly and easily.
Got questions? We’ve got answers. For more information about filing early, or to find out how to get started, contact La Familia Multiservices at one of our locations.
La Familia Multiservices Celebrates Gay8 Festival 2017
On January 15th, Miami’s annual Gay8 festival once again took over the streets of Little Havana, and throngs of Magic City locals – including us here at La Familia Multiservices! – couldn’t wait to take part. Celebrating all things diversity, this daylong festival has become a mecca of art, music and food for Miami’s Hispanic LGBT community, and we at La Familia Multiservices were thrilled to be able to host a booth and join in the fun.
While the festival itself only lasted one day, in true Miami fashion, the weekend couldn’t go by without a blowout; so the two days leading up Gay8 were filled with tons of dinners, art events and dance parties in Little Havana to get the party started early. During Gay8 itself, the stretch of Calle Ocho between 14th and 17th Avenue came alive with food booths and restaurants competing to whip up the best media noche sandwiches, croquetas, cafecitos and more. When we weren’t stuffing our faces (because in Little Havana, that’s what you do), we watched concerts by Palo, Suenalo, Spam Allstars on the Main Stage, or saw pop-up dance and theatric performances that kept the party going ‘til 10 p.m. If we wanted a break from the sun, we had one. Throughout the day, crowds of festival goers ducked into Calle Ocho’s own renovated cultural gem, Miami Dade College’s Tower Theater, to see a range of LGBT-tinged films like “The Day it Snowed in Miami.” And for the cherry on top of an already-cultural event, art was everywhere. In fact, Miami’s best local painters and sculptors added to the affair by selling their beautiful, thought-provoking art that impressed visitors far and wide.
Back at our booth, we at La Familia Multiservices happily welcomed hundreds of friends and clients that came by to visit and take advantage of the day. The Gay8 festival is yet another example of just how vibrant and exciting Miami can be, and for us, it was another way to celebrate our community – and of course, show it off.
For more information about all we do at La Familia Multiservices, please contact one of our locations at:
161 N.E 97th Street, Miami Shores, FL 33138
157 NE 97TH ST, MIAMI SHORES, FL 33138
921 Sw 27 Ave 2c, Miami FL-33135
The IRS will begin accepting electronic tax returns that day, with more than 153 million individual tax returns expected to be filed in 2017. The IRS again expects more than four out of five tax returns will be prepared electronically using tax return preparation software.
Many software companies and tax professionals will be accepting tax returns before Jan. 23 and then will submit the returns when IRS systems open. The IRS will begin processing paper tax returns at the same time. There is no advantage to filing tax returns on paper in early January instead of waiting for the IRS to begin accepting e-filed returns.
The IRS reminds taxpayers that a new law requires the IRS to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until Feb. 15. In addition, the IRS wants taxpayers to be aware it will take several days for these refunds to be released and processed through financial institutions. Factoring in weekends and the President’s Day holiday, the IRS cautions that many affected taxpayers may not have actual access to their refunds until the week of Feb. 27.
“For this tax season, it’s more important than ever for taxpayers to plan ahead,” IRS Commissioner John Koskinen said. “People should make sure they have their year-end tax statements in hand, and we encourage people to file as they normally would, including those claiming the credits affected by the refund delay. Even with these significant changes, IRS employees and the entire tax community will be working hard to make this a smooth filing season for taxpayers.”
The IRS also reminds taxpayers that they should keep copies of their prior-year tax returns for at least three years. Taxpayers who are changing tax software products this filing season will need their adjusted gross income from their 2015 tax return in order to file electronically. The Electronic Filing Pin is no longer an option. Taxpayers can visit IRS.Gov/GetReady for more tips on preparing to file their 2016 tax return.
April 18 Filing Deadline
The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017, rather than the traditional April 15 date. In 2017, April 15 falls on a Saturday, and this would usually move the filing deadline to the following Monday — April 17. However, Emancipation Day — a legal holiday in the District of Columbia — will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 18, 2017. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation.
“The opening of filing season reflects months and months of work by IRS employees,” Koskinen said. “This year, we had a number of important legislative changes to program into our systems, including the EITC refund date, as well as dealing with resource limitations. Our systems require extensive programming and testing beforehand to ensure we’re ready to accept and process more than 150 million returns.”
The IRS also has been working with the tax industry and state revenue departments as part of the Security Summit initiative to continue strengthening processing systems to protect taxpayers from identity theft and refund fraud. A number of new provisions are being added in 2017 to expand progress made during the past year.
Refunds in 2017
Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund.
The IRS still anticipates issuing more than nine out of 10 refunds in less than 21 days, but there are some important factors to keep in mind for taxpayers.
Beginning in 2017, a new law requires the IRS to hold refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit until mid-February. Under the change required by Congress in the Protecting Americans from Tax Hikes (PATH) Act, the IRS must hold the entire refund — even the portion not associated with the EITC and ACTC — until at least Feb. 15. This change helps ensure that taxpayers get the refund they are owed by giving the IRS more time to help detect and prevent fraud.
As in past years, the IRS will begin accepting and processing tax returns once the filing season begins. All taxpayers should file as usual, and tax return preparers should also submit returns as they normally do — including returns claiming EITC and ACTC.
The IRS will begin releasing EITC and ACTC refunds starting Feb. 15. However, the IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or on debit cards until the week of Feb. 27 (assuming there are no processing issues with the tax return and the taxpayer chose direct deposit). This additional period is due to several factors, including banking and financial systems needing time to process deposits.
After refunds leave the IRS, it takes additional time for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts and products. The IRS reminds taxpayers many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. For EITC and ACTC filers, the three-day holiday weekend involving President’s Day may affect their refund timing.
Where’s My Refund? on IRS.gov and the IRS2Go phone app will be updated with projected deposit dates for early EITC and ACTC refund filers a few days after Feb. 15. Taxpayers will not see a refund date on Where’s My Refund? or through their software packages until then. The IRS, tax preparers and tax software will not have additional information on refund dates, so Where’s My Refund? remains the best way to check the status of a refund.
Help for Taxpayers
The IRS reminds taxpayers they have a variety of options to get help filing and preparing their tax return on IRS.gov. Taxpayers can also, if eligible, locate help from a community volunteer. Go to IRS.gov and click on the Filing tab for more information.
Seventy percent of the nation’s taxpayers are eligible for IRS Free File. Commercial partners of the IRS offer free brand-name software to about 100 million individuals and families with incomes of $64,000 or less.
Online fillable forms provides electronic versions of IRS paper forms to all taxpayers regardless of income that can be prepared and filed by people comfortable with completing their own returns.
Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) offer free tax help to people who qualify. Go to irs.gov and enter “free tax prep” in the search box to learn more and find a nearby VITA or TCE site, or download the IRS2Go smartphone app to find a free tax prep provider.
The IRS also reminds taxpayers that a trusted tax professional can provide helpful information and advice about the ever-changing tax code. Tips for choosing a return preparer and details about national tax professional groups are available on IRS.gov.
Renewal Reminder for Individual Taxpayer Identification Numbers (ITINS)
ITINs are used by people who have tax-filing or payment obligations under U.S. law but are not eligible for a Social Security number. Under a recent change in law, any ITIN not used on a tax return at least once in the past three years will expire on Jan. 1, 2017. In addition, any ITIN with middle digits of either 78 or 79 (9NN-78-NNNN or 9NN-79-NNNN) will also expire on that date.
This means that anyone with an expiring ITIN and a need to file a tax return in the upcoming filing season should file a renewal application in the next few weeks to avoid lengthy refund and processing delays. Failure to renew early could result in refund delays and denial of some tax benefits until the ITIN is renewed.
An ITIN renewal application filed now will be processed before one submitted at the height of tax season from mid-January to February. Currently, a complete and accurate renewal application can be processed in as little as seven weeks. But this timeframe is expected to expand to as much as 11 weeks during tax season, which runs from mid-January through April.
Several common errors are currently slowing down or holding up ITIN renewal applications. The mistakes generally center on missing information, and/or insufficient supporting documentation. ITIN renewal applicants should be sure to use the latest version of Form W-7, revised September 2016.
For a free consultation about individual or corporate taxes, please contact one of our locations at:
161 N.E 97th Street Miami Shores, FL 33138
157 NE 97TH ST
MIAMI SHORES, FL 33138
921 Sw 27 Ave 2c