Tick, tock — tax time

What to pay attention to this tax-filing season

It’s the time of year to think about last year — 2017 tax filings are due April 17th.

The IRS expects more than 155 million returns will be filed this year and the recent change in tax law largely does not affect those filings. We asked a few experts to share their tips on what to pay attention to this tax season:

1 Medical expenses

The medical expense deduction threshold is lower, one of the few parts of the tax overhaul that took effect retroactively.

It dropped from 10 percent to 7.5 percent of your adjusted gross income, points out Lisa Greene-Lewis, a CPA and tax expert at TurboTax. That means more people can deduct medical expenses if they itemize.

The IRS allows you to deduct for many related medical expenses, check IRS.gov for a full list.

2 Natural disasters

There were a spate of natural disasters during 2017, and people who live in a federally declared disaster area may be eligible for tax relief because of eased requirements about claiming casualty losses, Greene-Lewis said.

Those who suffered losses from natural disasters should visit a special IRS website dedicated to the matter with instructions at https://www.irs.gov/individuals/tax-law-provisions-for-disaster-areas.

3 Health care

The health care mandate is still in place for this tax season. So if you weren’t insured in 2017, you might need to pay a penalty unless you qualify for an exemption.

The fee is calculated in two different ways, according to healthcare.gov: as a percentage of household income and per person. If you owe the penalty, you will pay whichever is higher.

4 Itemize now

The IRS estimates about 30 percent of taxpayers claim itemized deductions. But that is expected to shrink in years ahead as the standard deduction is nearly doubling, which means many people may find it more advantageous to take the standard deduction rather than itemize.

So enjoy your chance to itemize now — claim those charitable donations, education expenses and other popular items. And this is the last year you can claim interest on a home equity loan, unreimbursed job expenses and tax preparation fees.

5 File timing

The filing tax deadline is later this year for a few reasons. The typical April 15 deadline falls on a Sunday and Monday is Emancipation Day, a holiday observed in Washington D.C.

So all filings and taxes due must be in by Tuesday, April 17. Taxpayers requesting an extension will have until October 15 to file.