Tuesday Tax Tip #1

Happy New Year!  I hope your holidays were delightful and that 2017 is off to a great start!  Of course, with the close of a calendar year means it's time to start thinking about filing those tax returns.

Some Background:  Back in August, I decided to leave my job in nonprofit accounting to pursue running my own accounting and tax practice.  One thing I thought I would provide is a weekly dose of helpful information while you start preparing and gathering information.

I know the idea of filing taxes is intimidating to many, and I hope to make filing an approachable and smooth process.  I believe the tax "return" should be called the tax "reconciliation" because I think that's the easiest way to look at it - what tax do I owe on my income versus how much tax did I already pay during the year?

Helpful Dates:

  • 1/23/17 - federal E-File opens
  • 1/31/17 - W-2s and 1099-Misc are due to the taxpayer and Social Security/IRS
  • 3/15/17 - due date for Partnership returns, with up to a 6-month extension
  • 4/15/17 - due date for C Corporation returns, with up to a 6-month extension
  • 4/18/17 - due date for individual returns (due to Emancipation Day on 4/17)
  • 5/15/17 - due date for nonprofit returns, with up to a 6-month extension

Other IMPORTANT Information:  The IRS will NEVER call or email you asking for personal information.  The main method of contact from the IRS is still paper mail.  Due to increasing instances of fraud, it is always best to call the IRS directly should you have any questions regarding any communications received.  Do not click any links in an email from what appears to be the IRS.

For next week's Tuesday Tax Tip, I'll be tackling the dreaded Schedule C - Profit or Loss from Business.  This will have lots of helpful information for any of you that receive non-employee compensation (1099-Misc) and how to get the most of your deductions.