Monday, January 16, 2017

BE AWARE OF THESE THREE NEW TAX FILING DEADLINES


As you begin preparing your final payroll tax returns for 2016, take into account earlier due dates for two common information reporting forms and one extended due date for health coverage reporting forms.

Forms W-2 for 2016 are due January 31. The January 31 deadline applies to forms given to employees, as well as those submitted to the Social Security Administration.

Forms 1099-MISC with non-employee compensation in Box 7 are due January 31, 2017. The January 31 due date applies to forms given to the payee, as well as paper and electronic copies filed with the IRS.

Forms 1095-B and 1095-C are due to recipients on March 2, 2017, instead of January 31. There is no change to the February 28 due date for filing paper forms with the IRS, nor the March 31 due date for filing electronically.

Wednesday, January 11, 2017

UPDATE YOUR MILEAGE RATE REIMBURSEMENTS FOR 2017


If you intend to use your vehicle for business, charitable activities, medical appointments, or moving during 2017, be aware that the optional standard mileage rates for computing the deductible costs have changed. Here are the rates to use to calculate reimbursements and deductions this year.

Business. Starting January 1, 2017, the rate is 53.5¢ per mile when you use your vehicle for business purposes.

Charitable. The standard per-mile rate for charitable service remains at 14¢.

Medical and moving. The rate for medical and moving mileage is 17¢ per mile.

Friday, January 6, 2017

DO YOU NEED TO REVISE YOUR FINAL ESTIMATED PAYMENT?


The last installment of your 2016 estimated federal income tax is due January 17, 2017. As a general rule, to avoid penalties you need to pay in the lesser of 90% of your 2016 estimated tax liability or 100% of the tax shown on your 2015 return when your adjusted gross income (AGI) is less than $150,000. When your AGI is over $150,000, you're required to prepay the lesser of 90% of your 2016 estimated tax liability or 110% of your 2015 tax liability. What if you haven't paid in enough? Increase your last installment to make up for the underpayment. Contact us at (518) 798-3330 for help with the calculation.

Wednesday, December 28, 2016

HOW SOCIAL SECURITY BENEFITS ARE TAXED

Are you wondering if your social security retirement, survivor, and disability benefits will be subject to federal income tax on your 2016 return? Generally, when these benefits are taxed is determined by your "provisional income."

Friday, December 23, 2016

CLEAN YOUR FINANCIAL HOUSE FOR THE NEW YEAR

Out with the old, in with the new. No matter whether you apply the expression to changes in attitude or to life adjustments, the end of the year is a great time to assess your household finances and prepare for new opportunities. Here are suggestions.

Tuesday, December 20, 2016

DON'T INCLUDE THE IRS ON YOUR GIFT LIST

Suppose a relative gives you an expensive painting. Several years later, your relative dies and you decide to sell the painting. Your accountant says you'll owe capital gain tax on the sale, and asks for your basis in order to reduce the amount on which you'll pay tax. What's your answer?

Thursday, December 15, 2016

HAVING PROBLEMS KEEPING EMPLOYEES?



Is retention of good employees a priority for your business? Consider conducting "stay" interviews. These meetings between managers and valued employees can provide insight into why your employees like their jobs, which in turn lets you know how to retain the employees. Conducted on a regular basis, generally more than once a year, stay interviews tell employees you're serious about accepting feedback and keeping them on the job.