2017 Tax Tips From Corporate Business Solutions

CHICAGO - Jan. 31, 2017 - PRLog -- Corporate Business Solutions utilizes firsthand expertise to access the information necessary for growth.   Through our affiliated companies, we even help navigate the way through small business tax challenges.

As we head towards the 2017 tax season, many business professionals are preparing to work on their 2016 tax returns.  Below are basic tips for tax season, to ensure you take advantage of the tax benefits available throughout the year:

• Get what you've earned - According to the IRS, one out of every five workers fails to claim the very valuable earned income tax credit. If you worked and earned less than $53,505 in 2016 (the limit will be $53,930 in 2017), then use the EITC Assistant tool to determine if you qualify for the credit.
• Cash in on scholarly tax breaks - If you, your spouse or dependents had higher education costs in 2016, there may be tax savings for you. There are multiple benefits available, so you must figure out which is the best fit for you.
• Organize your health coverage - Make sure you know what you need to report to the IRS on your health insurance. The shared responsibility provision requires that you and your family have minimum essential coverage or qualify for a health coverage exemption. Otherwise, you must make an individual shared responsibility payment for all months that you didn't have coverage or an exemption. Most taxpayers just need to do one thing: Check the box that indicates you had health care coverage for all of 2016. If that is not the case or you received advance payments of the premium tax credit on the marketplace, then you may need to fill out Form 8965, Health Coverage Exemptions, and Form 8962, Premium Tax Credit, to complete your tax return. For more information, visit the IRS page on the Affordable Care Act.

About Corporate Business Solutions

Corporate Business Solutions LLC is a trusted resource for business owners. We bring about positive change for small to medium-size businesses in the United States through our knowledge, experience, technology and an unrivaled commitment to providing customer service. We take pride knowing that no other firm has a more qualified staff to provide you with business analytics, consulting and strategic tax planning projects.  The experts at Corporate Business Solutions strive to maintain the highest level of technical expertise through a broad spectrum of internal and external training and interactive client assignments.  For more information, visit https://corporatebusinesssolutions.wordpress.com/.