Are you aware of these changes in the 2018 tax season starting on January 1?

2018年1月4日国税局IRS宣布，今年报税季开始时间是2018年1月29日星期一，报税截止日是2018年4月17日，星期二。国税局同时指出今年低收入/孩子补助的退税，预计最快会在2018年2月27日退给报税人。

Warmly remind taxpayers to prepare tax declaration materials in advance so that they can get the tax refund faster

1. Valid ID, driver’s license or passport, etc.

2. Social Security Card

3. family address

4. Birthdays of family members

5. Bank cheque account (copy of cheque, used for tax refund or tax supplement direct bank transfer)

1. Salary (W-2)

2. Interest (1099-INT)

3. Dividend distribution (1099-DIV)

4. Stock trading (1099-B)

5. Pension (1099-G)

6. Withdraw the amount of health account (1099-SA)

7. Withdraw IRA retirement plan and annual amount (1099-R)

8. Unemployment benefits (1099-UC)

9. Gambling income (W-2G)

10. Sole proprietorship / casual labor (1099-MISC)

11. House rental income

12. S-type corporate and partnership income (K-1)

1. Child’s family doctor’s clinic certificate or child’s school certificate

2. Child's birth certificate (Birth Certificate)

1. The name, address, and tax ID (TAX ID) of the kindergarten or DayCare/Afterschool

2. Copy of payment receipt or payment check

1. Form 1098-T provided by the school

2. Student loan interest form 1098-E provided by the school

1. The 1095 form provided by the insurance company, if you haven’t received it, you can request/inquire from the insurance manager

1. Form 1098 provided by the bank

2. Loan interest, property tax

3. Rental housing needs to provide income from the rent for the whole year of 2017

4. Rental housing also needs to provide rental expenses: water, electricity, gas, maintenance and other expenses

The following is the EssentialTax Figures for the Tax Year 2017 (Tax Due on 2017/4/17)

 Low-income subsidy tax refund EITC, the highest federal tax refund$6,318, New York State's highest tax refund$1,895, The highest tax refundable in New York City$316, Total$8,529

Child Tax Credit for children under the age of 17: the highest tax refund$1,000(Investment income must be less than $3,450)

Child care and care expenses for children under 13 years of age Credit for Child Care: Up to tax deduction$1,050(3,000% of $35)

Opportunity education tax rebate, college students, the first four years of tuition paid Education Credit: the highest tax rebate$2,500

Student Loan Interest: Maximum deductible$2,500

Rental Loss: Maximum tax deduction$25,000

Personal Exemption: $4,050

Standard Deduction: $6,350(single),$9,350(Head of the family), $12,700 (Couple report)

Foreign Earned Income Exclusion:$102,100

Standard Mileage Rate:$0.535/mile

Overseas account FBAR: the total amount exceeds$10,000Need to declare

Accept gifts from foreign relatives, foreign gift recipients: more than$100,000 to declare

Accept gifts from relatives in the U.S., and the donor Domestic Gift: more than$14,000Need to declare

Kiddie Tax: Child’s investment income exceeds$2,100 Need to file tax according to the parent's tax rate

Retire Contribution: 401 (K) plan can put up to$18,500.IRA account can put up to$ 5,500, Over 50 years old can put up to$6,500. SEP IRA can put up to $5,400

Social Security Credits during work season:$ 1,300 / 1Work season points

HHS Poverty Guidelines for the minimum income line for relative immigrants:$ 20,300 / 2Family of mouth,$25,525/3Family of mouth,$30,750/4Family of mouth

New York medical insurance annual income limit Medicaid Income Level:$16,643/single,$22,411/Couple,$ 28,180 /Family of three, $33,948/Family of four