Featured Articles for March 2017 by Vaas Professionals
IRS Dirty Dozen Tax Scams for 2017
Compiled annually by the IRS, the “Dirty Dozen” is a list of common scams taxpayers may encounter in the coming months. While many of these scams peak during the tax filing season, they may be encountered at any time during the year.
Six Overlooked Tax Breaks for Individuals
Confused about which credits and deductions you can claim on your 2016 tax return? You’re not alone. Here are six tax breaks you won’t want to overlook.
Are your Social Security Benefits Taxable?
Some people must pay taxes on part of their Social Security benefits while others find that their benefits aren’t taxable at all. If you receive Social Security, a tax professional can help you determine if some–or all–of your benefits are taxable.
Small Business Financing: Securing a Loan
At some point, most small businesses owners will visit a bank or other lending institution to borrow money. Whether it’s for startup costs or business expansion, understanding what your bank wants, and how to properly approach them, can mean the difference between getting your money for expansion and having to scrape through finding cash from other sources. Here’s what you need to know.
What Income is Taxable?
Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick (and easy) answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that. Keep reading to learn more.
Choosing the Correct Filing Status
It’s Not Too Late to Make a 2016 IRA Contribution
Eight Tax Facts about Exemptions and Dependents
IRS Releases Updated Form 990-EZ
What You Should Know about the AMT
Establishing Preferences in QuickBooks
Tax Due Dates
Farmers and Fishermen – File your 2016 income tax return (Form 1040) and pay any tax due. However, you have until April 18 to file if you paid your 2016 estimated tax by January 17, 2017.
Employees who work for tips – If you received $20 or more in tips during February, report them to your employer. You can use Form 4070.
Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February.
Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in February.
Partnerships – File a 2016 calendar year income tax return (Form 1065). Provide each partner with a copy of their Schedule K-1 (form 1065-B) or substitute Schedule K-1. To request an automatic 6-month extension of time to file the return, file Form 7004. Then file the return and provide each partner with a copy of their final or amended (if required) Schedule K-1 (Form 1065) by September 15.
S Corporations – File a 2016 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.
Electing large partnerships – File a 2016 calendar year return (Form 1065-B). Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income (Loss) From an Electing Large Partnership. This due date applies even if the partnership requests an extension of time to file the Form 7004.
S Corporation Election – File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2017. If Form 2553 is filed late, S treatment will begin with calendar year 2018.
Electronic filing of Forms 1097, 1098, 1099, 3921, and 3922 – File Forms 1097, 1098, 1099, 3921, and 3922 with the IRS (except a Form 1099-MISC reporting nonemployee compensation). This due date applies only if you file electronically. Otherwise, see February 28. The due date for giving the recipient these forms generally remains January 31.
Electronic Filing of Form W-2G – File copies of all the Form W-2G (Certain Gambling Winnings) you issued for 2016. This due date applies only if you electronically file. Otherwise, see February 28. The due date for giving the recipient these forms remains January 31.
Electronic Filing of Forms 8027 – File copies of all the Forms 8027 you issued for 2016. This due date applies only if you electronically file. Otherwise, see February 28.
Electronic Filing of Forms 1094-C and 1095-C and Forms 1094-B and 1094-B – If you’re an applicable Large Employer, file electronic forms 1094-C and 1095-C with the IRS. For all other providers of essential minimum coverage, file electronic Forms 1094-B and 1095-B with the IRS. Otherwise, see February 28.
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VAAS Professionals, LLC
325 Edgewood Avenue, S.E
Atlanta, GA 30312