Spring fever often influences homeowners to update and remodel. Maybe you’re considering a new project, too. You may need to replace your deck or remodel your kitchen. If you have a remodeling project coming up, you should understand the tax consequences. If your project qualifies as an improvement to your home, you’ll enjoy some tax benefits. But if the project is a repair, there’s generally no tax benefit. Unfortunately, it’s not always easy to tell the

Interest rates charged by the IRS on underpaid taxes and applied by the IRS on tax overpayments will remain the same for the second quarter of 2017 (April 1 through June 30). Therefore, the rates will be as follows for individuals and corporations: For individuals: 4% charged on underpayments; 4% paid on overpayments.

Tax time can be stressful, but don’t panic if you can’t file your tax return on time. There’s still time to get an automatic six-month deadline extension. There are four ways to obtain an extension: File a paper copy of Form 4868 with the IRS and enclose your payment of estimated tax due. File for an extension electronically using the IRS e-file system on your computer. Using Direct Pay, the Electronic Federal Tax Payment System, pay

Tuesday, April 18, is a major tax deadline. Here are some of the tax filing and related deadlines: 2016 individual income tax returns. Calendar-year 2016 C corporation income tax returns. 2016 annual gift tax returns. 2016 IRA contributions. 2017 individual estimated tax first quarter installment. 2013 individual tax return amendments unless the 2013 return had a filing extension.

During his first week in office, President Trump signed an executive order asking federal agencies to reduce the economic burden the Patient Protection and Affordable Care Act (ACA) puts on American citizens. Unfortunately, this executive order is causing confusion. Many people are left wondering if fines will no longer be imposed or rules no longer need to be followed. Until the agencies impacted by this executive order publish their intent, act as though current laws are

Common errors have helped to make the Earned Income Tax Credit (EIC) a major source of what the IRS calls “improper payments.” The agency estimates that of the $66 billion in EIC funds paid in 2015, nearly a quarter were collected by filers who didn’t qualify to receive them. To help combat this problem, the IRS now requires additional confirmation of information regarding the EIC and three new credits beginning in 2016. Now if you claim

Under the current Affordable Care Act (ACA), all Americans must have health insurance. If you receive your health insurance through the ACA marketplace or from your employer, you will receive a Form 1095. This form is used as documentation that you have adequate insurance and is used for other ACA reporting and potential tax benefits. What’s happening now Prior to filing your tax return you should receive your Form 1095 and review it for accuracy. If

Remember, partnership tax returns are now due on March 15. This is a month earlier than last year. The change is important to note, as filing the tax return late could result in unexpected penalties. The new due date now aligns filing Form 1065 with other flow-through entities like S corporation Form 1120S. If you get caught by surprise with this earlier filing date, contact us immediately.

March 2 Large employers and others must furnish Form 1095-B or Form 1095-C to employees. March 15 2016 calendar-year S corporation Form 1120S income tax returns are due. 2016 calendar-year partnerships Form 1065 income tax returns are due. March 31 Forms 1095-B and 1095-C due to the IRS, if filing electronically. Employers who have 250 or more employees are required to file electronically.