With the Covid19 Pandemic, the IRS have extended the date to both file and pay your income taxes.
Please contact to schedule a virtual appointment.
With the Covid19 Pandemic, the IRS have extended the date to both file and pay your income taxes.
Please contact to schedule a virtual appointment.
What you need to file your taxes varies depending on your situation. For example, a tax prep checklist for a self-employed college student may include a 1099 and 1098-T. However, if you weren’t in college and only received a W-2, you could skip those items on your tax documents checklist.
Whether you see a tax professional or prepare your taxes on your own, we’re here to help you determine what forms and information you need to file your taxes.
Use the tax checklist below to find the documents and forms you’ll need to get started.
Tax Identification Numbers are mandatory items on your tax prep checklist. All taxpayers will need the following information.
Parents and caregivers should gather this information as they review what they need to file their taxes.
Many of these forms won’t apply every year. For example, you will only receive the investment forms you may need to file your taxes if you had distributions or other activity.
The types of deductions you can take depend a lot on your life situation. It’s likely you won’t need all of the records listed below for your tax documents checklist.
IR-2017-172, Oct. 13, 2017
WASHINGTON –– Victims of wildfires ravaging parts of California now have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today.
This includes an additional filing extension for taxpayers with valid extensions that run out this coming Monday, Oct. 16.
Currently, the IRS is providing relief to seven California counties: Butte, Lake, Mendocino, Napa, Nevada, Sonoma and Yuba. Individuals and businesses in these localities, as well as firefighters and relief workers who live elsewhere, qualify for the extension. The agency will continue to closely monitor this disaster and may provide other relief to these and other affected localities.
The tax relief postpones various tax filing and payment deadlines that occurred starting on Oct. 8, 2017. As a result, affected individuals and businesses will have until Jan. 31, 2018, to file returns and pay any taxes originally due during this period.
This includes the Jan. 16, 2018 deadline for making quarterly estimated tax payments. For individual tax filers, it also includes 2016 income tax returns that received a tax-filing extension until Oct. 16, 2017. The IRS noted, however, that because tax payments related to these 2016 returns were originally due on April 18, 2017, those payments are not eligible for this relief.
A variety of business tax deadlines are also affected, including the Oct. 31 deadline for quarterly payroll and excise tax returns. Calendar-year tax-exempt organizations whose 2016 extensions run out on Nov. 15, 2017 also qualify for the extra time.
In addition, the IRS is waiving late-deposit penalties for federal payroll and excise tax deposits normally due after Oct. 8 and before Oct. 23, if the deposits are made by Oct. 23, 2017. Details on available relief can be found on the disaster relief pageon IRS.gov.
The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Thus, taxpayers need not contact the IRS to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.
In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes firefighters and workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.
Individuals and businesses who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2017 return normally filed next year) or the return for the prior year (2016). See Publication 547 for details.
The tax relief is part of a coordinated federal response to the damage caused by these wildfires and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov.
Medical and Dental Expenses May Impact Your Taxes
Medical expenses can trim taxes. Keeping good records and knowing what to deduct make all the difference. Here are some tips to help taxpayers know what qualifies as medical and dental expenses:
Exceptions and special rules apply. Costs reimbursed by insurance or other sources normally do not qualify for a deduction. More examples of what costs taxpayers can and can’t deduct are in IRS Publication 502, Medical and Dental Expenses.
Taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Taxpayers can learn more about how to verify their identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return.
Always consult your tax professional. email@example.com
Issue Number: IR-2017-23
IRS “Dirty Dozen” Series of Tax Scams for 2017 Includes Return Preparer Fraud; Choose Reputable Return Preparers
IR-2017-23, Feb. 6, 2017
WASHINGTON — The Internal Revenue Service today warned taxpayers to be on the lookout for unscrupulous return preparers, one of the most common “Dirty Dozen” tax scams seen during tax season.
The vast majority of tax professionals provide honest, high-quality service. But there are some dishonest preparers who set up shop each filing season to perpetrate refund fraud, identity theft and other scams that hurt taxpayers. That’s why unscrupulous preparers who prey on unsuspecting taxpayers with outlandish promises of overly large refunds make the Dirty Dozen list every year.
“Choose your tax return preparer carefully because you entrust them with your private financial information that needs to be protected,” said IRS Commissioner John Koskinen. “Most preparers provide high-quality service but we run across cases each year where unscrupulous preparers steal from their clients and misfile their taxes.”
Return preparers are a vital part of the U.S. tax system. About 60 percent of taxpayers use tax professionals to prepare their returns.
Illegal scams can lead to significant penalties and interest and possible criminal prosecution. IRS Criminal Investigation works closely with the Department of Justice (DOJ) to shutdown scams and prosecute the criminals behind them.
Choosing Return Preparers Carefully
It is important to choose carefully when hiring an individual or firm to prepare a tax return. Well-intentioned taxpayers can be misled by preparers who don’t understand taxes or who mislead people into taking credits or deductions they aren’t entitled to in order to increase their fee. Every year, these types of tax preparers face everything from penalties to jail time for defrauding their clients.
Here are a few tips when choosing a tax preparer:
Remember: Taxpayers are legally responsible for what is on their tax return even if someone else prepares it. Make sure the preparer you hire is up to the task.
New York State imposes a highway use tax (HUT) on motor carriers operating certain motor vehicles on New York State public highways (excluding toll-paid portions of the New York State Thruway). The tax rate is based on the weight of the motor vehicle and the method that you choose to report the tax.
If you have been issued a certificate of registration ( except a highway use tax trip certificate of registration), you must file a highway use tax return even if no tax is due, or even if another person will pay any tax due on the use of the vehicle operated under the certificate of registration.
There are two ways to file:
Web File: You may Web File your highway use tax return.
File by mail: You may file a paper tax return using Form MT-903, Highway Use Tax Return.
When to file and pay:
Quarterly – You must file a highway use tax return and make payment of tax due each quarter, starting with the calendar quarter when you began operations in New York State.
The periods and due dates for quarterly filing are:
Reporting quarter Due date
January through March April 30
April through June July 31
July through September October 31
October through December January 31 (following year)
Monthly – After filing quarterly in the first year, you will be reclassified by the Tax Department to a monthly filer if your preceding calendar year’s total highway use tax is more than $4,000. You must begin filing monthly highway use tax returns for the January reporting period. Returns are due by the last day of the month following each reporting period.
Requesting change of filing period
If your preceding calendar year’s total highway use tax liability is $4,000 or less, and you were subject to the highway use tax during the entire year, you may request permission to file quarterly.
If your preceding calendar year’s total highway use tax liability is $250 or less, and you were subject to the highway use tax during the entire year, you may request permission to file once a year.
Submit your request and taxpayer identification number to:
NYS Tax Department
Miscellaneous Tax – Highway Use Tax
W A Harriman Campus
Albany NY 12227
Always consult your tax professional before filing any returns..
Contact us to schedule an appointment and take the guess work out of filing. firstname.lastname@example.org
The IRS announced on December 17, 2015 the new 2016 tax-deduction rates for using your vehicle for business, charity, medical and moving…
These rates tend to change from year to year, usually going up. This will not be the case for 2016! Vehicle-Use tax-deduction rates will decrease in 2016:
• Business: 54¢ per mile (57.5¢ in 2015, decrease of 3.5¢)
• Charity: 14¢ per mile ( 14¢ 2015, No change)
• Medical: 19¢ per mile (23¢ in 2015, decrease of 4¢)
• Moving: 19¢ per mile (23¢ in 2015, decrease of 4¢)
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Stay up to date with the latest tax news and information at LAE Business Services on LinkedIn.
Starting January 2014, The Individual Shared Responsibility provision of the Affordable Care Act takes effect. This means that each and every taxpayer (and family member) is now required to maintain basic health insurance, also known as “minimal essential coverage.” You must either have health insurance coverage throughout the year, qualify for an exemption from coverage, or make a payment when you file your 2014 federal income tax return in 2015. Many people already have qualifying health insurance coverage and do not need to do anything more than maintain that coverage. Plans that meet the minimal essential coverage requirement may be obtained through employer-sponsored coverage, government programs, or the Health Insurance Marketplace. Visit the IRS website for a chart of coverage types that qualify.
Health Coverage Exemptions
There are a limited number of exemptions from the individual shared responsibility provision. Types of exemptions include: members of certain religious sects, members of Federally-recognized Native American tribes, certain non-citizens, households with income below the return filing threshold, people for whom coverage is considered unaffordable, incarceration exemptions, and certain hardship exemptions.
Exemptions must be obtained through either the Marketplace or the IRS. Exemptions are reported on your income tax return, but you are automatically exempt if you aren’t required to file a return because of insufficient income.
Individual Shared Responsibility Payment
The 2014 tax return (IRS Form 1040) will ask whether you have health insurance coverage or if you qualify for an exemption. If you (or any member of your household) do not have the minimal essential coverage and do not meet the exemption criteria, you will need to make an Individual Shared Responsibility payment. For 2014, the individual shared responsibility payment is the greater of:
Health Care Tax Tips
Here are some general tax tips for the Affordable Care Act:
Tax-Favored Health Plans
Some employers offer additional types of tax-favored health plans, including the following:
Information for Employers
An employer’s tax responsibilities are based on how many employees they have and what type of health coverage they offer. The general rules are as follows:
For more information about how the health care law may affect you, please visit the IRS website: Affordable Care Act (ACA) Tax Provisions.
Still have questions? Consult with your local tax professional. You can email us at: email@example.com
Small Business Tax Prep Checklist
Gross receipts from sales or services
Sales records (for accrual based taxpayers)
Returns and allowances
Business checking/savings account interest (1099-INT or statement)
Cost of Goods Sold (if applicable)
Beginning inventory total dollar amount
Ending inventory total dollar amount
Items removed for personal purposes
Materials & Supplies
Phones (landline, fax or cell phones related to business)
Computer & internet expenses
Transportation and travel expenses
Business trip (mileage) log
Contemporaneous log or receipts for public transportation, parking, and tolls
Travel away from home:
Airfare or mileage/actual expense if drove
Internet connection (hotel, Internet café etc.)
Commissions paid to subcontractors
File Form 1099-MISC and 1096 as necessary
Cost and first date of business use of assets
Records relating to personal use of assets
Sales price and disposition date of any assets sold
Casualty loss insurance
Errors and omissions
Mortgage interest on building owned by business
Business loan interest
Investment expense and interest
Lawyers, accountants, and consultants
Pens, paper, staples, and other consumables
Office space rent
Business-use vehicle lease expense
Square footage of office space
Total square footage of home
Hours of use, if operating an in home daycare
Mortgage interest or rent paid
Homeowner’s or renters’ insurance
Cost of home, separate improvements and first date of business use
Wages paid to employees:
Form W-2 and W-3
Federal and state payroll returns (Form 940, Form 941, etc.)
Employee benefit expenses
Repairs, maintenance of office facility, etc
Estimated tax payments made
Other business related expenses:
Health insurance [This needs to be left-aligned with “Other expenses”]
Premiums paid to cover the sole-proprietor and family
Premiums paid on behalf of partners and S corporation shareholders
Information on spouse’s employer provided insurance
1. You must be under age 70 1/2 at the end of the tax year in order to contribute to a traditional IRA. There is no age limit to contribute to a Roth IRA.
2. You must have taxable compensation to contribute to an IRA. This includes income from wages and salaries and net self-employment income. It also includes tips, commissions, bonuses and alimony. If you’re married and file a joint return, generally only one spouse needs to have compensation.
3. You can contribute to an IRA at any time during the year. To count for 2013, you must make all contributions by the due date of your tax return. This does not include extensions. That means you usually must contribute by April 15, 2014. If you contribute between Jan. 1 and April 15, make sure your plan sponsor applies it to the right year.
4. In general, the most you can contribute to your IRA for 2013 is the smaller of either your taxable compensation for the year or $5,500. If you were age 50 or older at the end of 2013, the maximum you can contribute increases to $6,500.
5. You normally won’t pay income tax on funds in your traditional IRA until you start taking distributions from it. Qualified distributions from a Roth IRA are tax-free.
6. You may be able to deduct some or all of your contributions to your traditional IRA. Use the worksheets in the Form 1040A or Form 1040instructions to figure the amount that you can deduct. You may claim the deduction on either form. Unlike a traditional IRA, you can’t deduct contributions to a Roth IRA.
7. If you contribute to an IRA you may also qualify for the Saver’s Credit. The credit can reduce your taxes up to $2,000 if you file a joint return. Use Form 8880, Credit for Qualified Retirement Savings Contributions, to claim the credit. You can file Form 1040A or 1040 to claim the Saver’s Credit.
8. See Publication 590, Individual Retirement Arrangements, for more about IRAs.
Always consult your tax professional for your individual situation.