Just a reminder to those who have not yet filed their 2016 tax return that April 18, 2017 is the tax filing deadline. So, you either need to file your return and pay any taxes owed, or file for the automatic six-month extension and pay the tax you estimate to be due. The due date is normally April 15, but the 15th falls on a weekend and the next business day, April 17, is Emancipation Day, a legal holiday in Washington D.C., so the due date in 2017 is April 18.
Author: Melissa Lomeli
New Tax Laws That Impact Small Business Owners in 2017
Since it’s always best to be well-prepared when it comes to taxes, here are some of the new changes that you should be aware-of. As with anything to do with the government or taxes–if you really want to stay-top of this information, meet with your tax advisor and frequently check on IRS.gov.
Dodging Tax Penalties
Most taxpayers don’t intentionally incur tax penalties, but many who are penalized are simply not aware of the penalties or the impact they can have on their wallet. As tax season approaches, we should take a look at some of the more commonly encountered penalties and how they may be avoided.
Time to Start Thinking About Year-End Tax Moves
With 2017 just around the corner, it is time to think about those last-minute year-end tax moves you can take to improve your tax situation for 2016. Year-end tax planning is probably something you will want to deal with before the holiday season crush arrives.
Thinking of Converting Your Home to a Rental?
If you are considering converting your home to a rental, there are a number of tax issues you need to consider before making a final decision.
Are You Worried About Taxes on an Asset Sale?
There is always a temptation to sell off assets that you’ve accumulated and take the money. However, that usually results in a tax bill. There may be a way to profit more from those assets by giving them away.
New Overtime Rules for Businesses
Here are some common things that workers tend to do: check Blackberries or iPhones at home after office hours; catch up on work email on weekends; burn the midnight oil to crunch on critical projects; travel for work.
Short-Term Rental, Special Treatment
If you are one of the many taxpayers who rents out a first or second home using rental agents or online rental services that match property owners with prospective renters, then some special tax rules may apply to you.
Back-Door Roth IRAs
Many individuals who are saving for retirement favor Roth IRAs over traditional IRAs because the former allows for both accumulation and post-retirement distributions to be tax-free. In comparison, contributions to traditional IRAs may be deductible, earnings are tax-deferred, and distributions are generally taxable. Anyone who is under age 70.5 and who has compensation can make a contribution to a traditional IRA (although the deduction may be limited). However, not everyone is allowed to make a Roth IRA contribution, and other regulations still apply.
Can You Deduct Employee Expenses?
If you are an employee, you may be curious about which expenses relating to your employment are deductible on your tax return. This is a complicated area of tax law, and many expenses are deductible only if the expense is a “condition of employment” or is for the “convenience of the employer,” two phrases that are effectively the same.
The deductions available to each employee vary significantly based upon that individual’s unique situation.