With the year end quickly approaching, you generally have until December 31 to take actions to impact your 2016 tax return. If you missed the April and extended October tax return filing deadlines for tax year 2015, now is also a good time to finally clear up lingering issues.
The IRS officially announced that tax season will begin on January 23rd when it starts accepting returns. You will have a few extra days to get your returned filed with a due date of Tuesday, April 17 in 2017.
This summer the city council in Philadelphia passed a measure approving a 1.5 cent per ounce tax increase on beverages with added sweeteners. Last week, voters passed ballot measures in three California communities adding a penny per ounce by overwhelming majorities. Boulder had the closest contest, but instead will raise the levy by two cents per ounce.
The Massachusetts Department of Revenue works closely with the IRS. The information sharing between federal and state or within state agencies is frequently a trigger. This means what seemed like a problem related to the classification of workers could be something much larger when the state and federal tax implications are layered on.
Almost all higher-income taxpayers itemize deductions on their tax returns. The Massachusetts Department of Revenue reports each year on the number of million-dollar earners in the state.
The Bruins are off to a 4-4 start this season. This puts them in the middle of the pack in the standings in a tough Atlantic Division led by the undefeated Montreal Canadiens.
Of all the debts that can be discharged in bankruptcy, past due federal taxes might be subject to the most complicated timing rules. There are generally no exceptions, so get a date wrong and you might not receive a discharge.
A federal law enacted almost a year ago authorized the IRS to start working with private contractors to collect overdue federal tax debts. Next spring, four contractors will begin taking over older, overdue accounts that the Service is no longer actively working.
An estate tax return must be filed after the loss of a loved one. The federal Estate and Gift Tax exemption has increased over the last few years to its current $5,450,000. A couple can combine the exclusion to pass up to $10.9 million dollars without federal tax consequences.
Make a mistake in the filing process or offer an amount that is too low and you could have to start from scratch again. In our last post, we explained how it is necessary to be up-to-date in filing your tax returns.