December 5, 2016
There are important changes coming to 2017 deadlines. Plan ahead by marking your calendar now. Look for more information in the coming weeks including suggested drop off dates to Stroud and Company, helpful tips to get organized, and ways you can save on filing fees. New deadlines for business tax filings include:
1. W-2 and 1099 filings are due January 31 in 2017 instead of March 31, 2017. These forms are still due to employees and contractors by January 31, so it’s important to prepare and file them early if possible.
2. C-corps filing Form 1120 must file by April 15 (previously March 15) or the 15th day of the fourth month following the end of the organization’s fiscal year. Extensions can be filed no later than September 15.
3. S-corps, partnerships, LLPs and multi-member LLCs filing Form 1065 must file by March 15 or the 15th day of the third month following the end of the organization’s fiscal year. The previous deadline was April 15. Extensions are available for up to six months, filed no later than September 15, 2017.
4. Trust and Estate filing Form 1041 the extension due date has changed from September 15 to September 30.
5. Exempt organizations filing Form 990 now have only one extension until November 15.
All documentation should be submitted to Stroud and Co. by January 16, 2017 to meet these federal filing deadlines. If you have questions about these changes or need help preparing, please contact our office.
Is your family’s money mantra, “Easy come, easy go?” Does your family ever talk about saving money or setting financial goals? No matter where your family is on the financial literacy spectrum, it’s important to help your kids learn the value and wise management of money so they grow up to be financially responsible.
There are many details that go into your return, so it is not uncommon to overlook an item in the process of filing a return. It is also possible that after you have filed your return, your employer, contractor, or investment manager will send you a correction on the total income you earned throughout the year.
If you’re like many self-employed business owners, you may be tempted to stick to the tried-and-true tax deductions (your home office, if you have one, office supplies, mileage, meals, etc.) when doing your taxes. However, one important money-saving advantage of working with a tax professional is they can identify lesser known deductions that you may be entitled to, but are unaware of.