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IT'S TAX SEASON.
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My Blog

Tax Deductions

Tax Season is Still On.

  

Do you have all your required Tax Filing Documents?

* Form W2

* Form 1099 - MISC (If you are a Contractor or Independent Employee)

* Form 1099 - G (To show Payment received from Government Agencies, Unemployment Benefits, Alimony, Child Support).

* Form 1095 - To show that you are enrolled in a Qualified Health Plan, which will allow you to get your Premium Tax Credit).

* Form 1098 - To show Payment Received from Interest (Interest Income).

* Profit & Loss Financial Statements (If you are a Business Entity or Corporation)

IRS Begins Accepting Tax Returns.


  

IRS Begins Accepting Tax Returns Today - Monday, January 29th 2018.

IRS begins accepting Tax Returns Today, Monday, January 29th 2018.
 
Highlights to Note:

  • Even Though the New US Tax Law is in effect, Changes do not apply to 2017 Tax Returns.
  • Tax Payers can start submitting their Returns to the IRS as From Today.
  • You may be able to file for Free; The Sooner, you start Filing, the Better, as this is a precaution to Tax Fraud.
  • The Deadline for this Year's Tax Filing Returns is Tuesday, April 17th 2018.

W-2 and Form 1099 Form Tax Report Deadline for 2018.



W-2 Form; 1099 Form Filing.

As the Year is coming to an end and Tax Season is drawing closer, it is important to remember The Protecting Americans from Tax Hikes (PATH) Act of 2015 that was passed by Congress in 2015, which became effective last year. We had published a Detailed Article - https://www.linkedin.com/pulse/new-w-2-deadline-2017-business-owners-employers-take-note/

With this New Act, Employers and Small Businesses have January 31 Filing Deadline to submit Forms W-2 and W-3 to the Social Security Administration (Whether you file using Paper Forms or electronically).

Lowering Your Tax Bill For 2017 ( Day 4)

YES, 2017 is just Few Hours away......The Clock is Ticking. We can still chip in One more Challenge to lower Our Tax Bill before the Year Ends. And this is......

 Further Your Education 
Do you know that if you take a Course to advance your Career or build your Business, It can be used as a Tax Deduction? If you are enrolled or taking classes at an eligible educational institution, you might qualify for the Lifetime Learning Credit(LLC).
More so, If you or your Child is already in college or a Trade School, You can get up to $2,500 per student for the Year.

Lowering Your Tax Bill For 2017 ( Day 3)




Wow, The Countdown is on; 2 More Days to the New Year 2017, Have you been working on your Challenge? If you're hoping on reducing your Tax Bill for the Tax Season, You still have the opportunity to do so, before it is too late. 

Here We Go: 
Pay Your Mortgage and Local/State Taxes Now 
When you prepay your Mortgage, State, Local and Property Taxes that are due in January at this time, You are reducing your 2016 Federal Income Tax Bill.
These Payments can be deducted as part of your itemized deductions on your 2016 Tax Return and would reduce your Bottom Line Tax Bill.

Lowering Your Tax Bill For 2017 ( Day 2)


                                                

Are you taking up the Challenge towards reducing your Tax Bill for Next Year Taxes? We're now on Day 2 Challenge towards helping you achieve this Goal .Be Sure to implement and Keep Checking back for more information.

CLUE 2: Accelerate your Deductions:
If you plan to itemize your deductions, you are better off accelerating your deductible expenditures into this Year to produce a higher write-off.

NEW W-2 DEADLINE IN 2017; Business Owners & Employers Take Note.

If you're a Business Owner, Be sure to Draw a Big Red Circle around the date January 31, 2017, on your Calendar; This is the new Due Date for filing Forms W-2 with the Tax Authorities.
 
In an effort to combat Fraud, The Protecting Americans from Tax Hikes (PATH) Act of 2015 was passed by Congress and signed last December. With this New Act, Employers and Small Businesses have January 31st Filing Deadline to submit Forms W-2 and W-3 to the Social Security Administration (Whether you file using Paper Forms or electronically).

Top 10 Overlooked Tax Deductions.

 Every Year, Business Owners across the Nation sit down with their Tax Accountants to come up with as many Legal Tax Deductions as possible. As a Business Owner, knowing which Business Tax Deductions that you qualify for can help:
  • Reduce Your Income Tax Liability.
  • Enhance the efficiency of your Business Operation.
  • Improve your Overall Financial Well Being
  • Prevent Overstating your Income/Profit.
  • Eliminate you from being a Target of an IRS Audit.