There are generous tax breaks for selling you home so you do not pay taxes. The tax breaks for selling your home are not as generous in the proposed tax reform. Continue reading…
Say Bye Bye to electronic vehicle credit?
Up to $7,500 credit for electronic and plug-in hybrid vehicles. No longer with proposed tax reform. Continue reading…
Attractive workplaces for millennials no more under proposed tax reform?
Creating a work environment that you love. That is the goal of some of the top companies to work for – Google, Yahoo!, Zappos, GoDaddy. To create the ideal place for employees to work, a wealth of free employee perks are provided. Tax reform proposal may change how companies and employees view employee perks. Continue reading…
Companies with highly paid corporate executives may take a huge hit
Tax reform proposal may significantly reduce business deductions for highly paid corporate executives. Continue reading…
FREE Homeowner Tax Class – February 18, 2017 at 10am
On February 18, 2017, there is a FREE 1 hour tax class for homeowners. The class starts at 10am and will be held at Team Hinton Real Estate Group in Downtown Ypsilanti, MI. ALG will be presenting.
The following are topic ALG will cover.
- Preparing your own tax return or hiring a tax preparer
- Tips on hiring a tax preparer
- Standard deduction versus itemized deductions
- Most common itemized deductions
- Other deductions (Above the line deductions)
- Identity theft and IRS tax scams issues (What are they and what can you do)
Topic: Tax Class for Homeowners
Date: February 18, 2017
Time: 10:00 am to 11:00 am
Place: Team Hinton Real Estate Group, 36 N. Washington, Ypsilanti, MI
Important 2017 IRS Due Dates
New for 2017 are some changes to the due dates for various tax returns. For example, partnership tax returns are due on March 15 instead of April 15. Also, a couple of the due dates fall on a holiday and/or weekend. When this happens, the due date is the next business day.
January 23, 2017
Tax season starts. The IRS will start accepting and processing tax returns on this date.
January 31, 2017
– Form W-2, Wage and Tax Statement; and
– Form 1099-MISC, Miscellaneous Income.
The due dates for Form W-2 and Form 1099-Misc includes filing necessary forms to the recipient, IRS and Social Security Administration. The requirements for filing these two forms were slightly different in previous years.
February 15, 2017
Tax refunds due to Earn Income Tax Credit or Additional Child Tax Credit will be held until this date. A new law was put in place requiring the IRS to hold the refunds.
March 15, 2017
– Form 1065, U.S. Return of Partnership Income; and
– Form 1120S, U.S. Income Tax Return for S Corporation Return.
In previous years, partnership returns were due on April 15.
April 18, 2017
April 15 falls on a weekend in 2017 and Monday April 17 is Emancipation Day. Therefore, tax returns are due on Tuesday, April 18, 2017.
– Form 1040, U.S. Individual Income Tax Return;
– Form 1041, U.S. Income Tax Return for Estates and Trusts;
– Form 1120, U.S. Corporation Income Tax Return;
– Form 1040-ES, Q1 Estimated Tax for Individuals; and
– Form 1120-W, Q1 Estimated Tax for Corporations.
New this year, Form 1120 Corporation returns are due in April instead of March.
June 15, 2017
– Form 1040-ES, Q2 Estimated Tax for Individuals; and
– Form 1120-W, Q2 Estimated Tax for Corporations.
September 15, 2017
– Extended Form 1040, U.S. Individual Income Tax Return;
– Extended Form 1041, U.S. Income Tax Return for Estates and Trusts;
– Extended Form 1120, U.S. Corporation Income Tax Return;
– Form 1040-ES, Q3 Estimated Tax for Individuals; and
– Form 1120-W, Q3 Estimated Tax for Corporations.
October 2, 2017
– Extended Form 1041, U.S. Income Tax Return for Estates and Trusts
December 15, 2017
– Form 1120-W, Q4 Estimated Tax for Corporations
January 15, 2018
– Form 1040-ES, Q4 Estimated Tax for Individuals
Fake IRS Tax Bill Scam
The IRS issued a warning about fake IRS tax bills being mailed to taxpayers. Scammers have created a fake version of a real notice used by the IRS, Notice CP2000. We suggest using our IRS Letter Decoder to check the authenticity of the letter you may have received before responding. Continue reading…
Tax Resolution Resource Library
It’s our goal to be the industry leader on tax resolution topics. We have taken steps towards that goal by providing comprehensive eBooks. Continue reading…
Offer in Compromise Calculator
We now offer a calculator to help determine if you qualify to pay less tax than you owe. The IRS program for settling for less tax than you owe is called “Offer in Compromise.” Continue reading…
IRS Releases 2016 “Dirty Dozen” List of Tax Scams
The IRS released their annual “Dirty Dozen” List of Tax Scams. The IRS releases an updated list every year. The IRS developed this list to help you identify the top tax scams.