ABP Tax Services - providing friendly, personal, professional Tax Preparation Services to McHenry County for over 20 Years.
As always, there have been many tax changes and new tax forms added this past year. Our preparers participated in over 160 hours of continuing tax education from the IRS and other national accounting associations in 2016 to stay current with all the new IRS law, forms and actions.
Expecting a Refund? Some refunds will be held up.
Learn More About Federal | Learn More About State
Important information on Forms 1095-A, Forms 1095-B, Forms 1095-C - Learn More.
The Protecting Americans from Tax Hikes (PATH) Act which extends permanently many popular individual and business tax incentives while making others retroactive and/or extended for 2 to 5 years.
The Fixing America’s Surface Transportation (FAST) Act which is a multi-year highway and transportation spending bill that has tax provisions such as revocation or denial of passport if individual has seriously delinquent tax debt.
Other Acts effecting your taxes this year are the Bipartisan Budget Act which accompanies the PATH Act and implications from the ABLE Act/Omnibus Funding Agreement.
2016 began and ended with the promise of comprehensive tax reform. The election of Donald Trump as the 45th President of the United States makes tax reform likely in 2017. At the same time, legislation, court decisions and IRS determinations issued in 2016 will impact 2017 and beyond.
Congress did not take up the “before year-end and remaining extenders”; these will have to be dealt with in 2017. Some relate to energy, others like higher education tuition and fees deduction, mortgage debt forgiveness tax relief, and private mortgage insurance; these remaining extenders are likely to be part of tax reform legislation in 2017.
We will continue to update this site as new 2017 legislation may affect both individual and business tax legislation.
Income Taxes can be confusing and stressful, but don't worry. ABP Tax Services is here to help. We keep up to date on the latest tax laws through classes, seminars and IRS conferences all year long so that you don't have to. Take a little stress out of your life and relax in the knowlege that your taxes are being handled by someone who not only knows how to keep you out of trouble, but also knows how to best maximize the deductions and credits available to you to get you more of your money back at tax time.
Call us today for an appointment! - (815) 728-1996
Member, National Association of Accountants &
National Association of Tax Professionals
Tax Preparation for McHenry, Woodstock, Wonder Lake, Crystal Lake, Harvard, Hebron, Johnsburg, Richmond, Spring Grove, Elgin and surrounding areas in McHenry County, IL - ABP Services offers a full range of Tax Preparation and Business Services, including:
- Tax Preparation
- Small Business Start-up
- Small Business Consulting
- Tax Preparation for ANY US State
- Accounting / Quickbooks Review
FEDERAL
Some refunds must be held until February 15
What You Need to Know:
According to a new tax law change, the IRS cannot issue refunds before February 15 for tax returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit.
This applies to the entire refund, even the portion not associated with these credits.
The IRS will begin to release EITC/ACTC refunds starting February 15. However, the IRS cautions taxpayers that these refunds likely won't arrive in bank accounts or on debit cards until the week of February 27.
Read more about refund timing for early EITC/ACTC filers.
What You Need to Do
Be careful not to count on getting a refund by a certain date, especially when making major purchases or paying other financial obligations.
You don't need to wait until February 15 to file your tax return. While the IRS must hold the refund until February 15, it will begin taking the steps it normally does to process your tax return once the filing season starts.
File a complete and accurate return and include all known refundable credits with your original return.
Check Where's My Refund on IRS.gov or the IRS mobile app, IRS2Go, after February 15 for your personalized refund status.
Expecting a refund?
Illinois
The Illinois Department of Revenue will start issuing tax refunds 4 weeks after filing because of anti-fraud measures. Learn More.
Tax News
Child-Related Tax Benefits Comparison
Our handy chart shows some of the basic eligibility requirements for tax benefits available to those with a qualifying child. This chart compares the Earned Income Tax Credit (EITC), the Dependency Exemption, the Child Tax Credit and the refundable part of the CTC, the Additional Child Tax Credit (CTC/ACTC), the Head of Household filing status and the Child and Dependent Care Credit.
View Chart
IL Withholding Income Tax Changes
This bulletin summarizes the Illinois Withholding Income Tax changes for tax year 2017, for employers, payroll service providers, software developers, and those that pay gambling and lottery winnings.
Read Bulletin
Want to know when to expect your income tax refund? Only the IRS can tell you for sure, visit their website and use their online tools for more.
