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Filing your taxes can either be a straightforward process or a time consuming and dreaded task. Regardless of how you see it, it’s crucial to comply with the federal government and file taxes within the deadline. Unfortunately, filing tax returns should always be done with the utmost care, and if you make even a minor mistake, it could lead to penalties or invite an IRS audit. To prevent this from happening and steer clear of costly errors, J & R Accounting Group has put together a list of the most common mistakes people make when filing taxes.
- The IRS extended the federal tax deadline to July 15 due to coronavirus concerns.
- Now, state income tax deadlines have been extended in all 41 states with personal income tax.
- Most of the states have new due dates in July to line up with the federal tax deadline. A few states have due dates in June; Mississippi’s new deadline is May 15.
- Scroll to the bottom of this story for a state-by-state list of tax deadlines.
Recently passed tax bill denies (effective for amounts incurred after 12/31/17) the deduction for business entertainment (events, athletic events, recreation and amusement, etc.). The 50% deduction for business meals is still available assuming all the requisite requirements are maintained (documented as to who, what, when, where, and that a substantial business discussion takes place during the meal). Comparison between the old law and new law: Type 2017 Law 2018 Tax Reform Employee Recreational Event Deduct Deduct Entertaining Clients 50% Deductible Only Meals 50% Deductible Lois 50% Deductible 50% Deductible Meals provided for convenience of employer that are not included in employee’s gross income (de minimis fringe benefits) 100% Deductible 50% Deductible
Entrepreneurial thinking of starting your own business
Recently passed tax bill denies (effective for amounts incurred after 12/31/17) the deduction for business entertainment (events, athletic events, recreation and amusement, etc.). The 50% deduction for business meals is still available assuming all the requisite requirements are maintained (documented as to who, what, when, where, and that a substantial business discussion takes place during the meal).
For calendar year tax returns reporting 2017 information that are due in 2018, the following due dates will apply. Form 2018 Filing Due Date (Tax Year 2017) Form W-2 (electronic or mail) January 31st Form 1065 – Partnerships March 15th Form 1120S – S Corporations March 15th Form 1040 – Individuals April 17th FinCEN 114 – FBAR (will be allowed to extend) April 17th Form 1041 – Trusts and Estates April 17th Form 1120 – C Corporations April 17th Form 990 Series – Tax Exempt Org May 15th Form 5500 Series – Employee Benefit Plan July 31st Form Extended Due Dates Form 1065 Extended Return September 17th Form 1120S Extended Return September 17th Form 1041 Extended Return October 1st Form 1120 Extended Return October 15th Form 1040 Extended Return October 15th FinCEN 114…
Click here to download tax summary 2017 report
President Trump recently signed the tax reform bill into law, and it makes major changes to the U.S. tax code for both individuals and corporations. 1. New individual tax rates and brackets For 2018 through 2025, the new law keeps seven tax brackets, but six are at lower rates. In 2026, the current-law rates and brackets would return. The temporary rate brackets under the new law are as follows. Single Joint Head of household 10% tax bracket $0 – $9,525 $0 – $19,050 $0 – $13,600 Beginning of 12% bracket $9,526 $19,051 $13,601 Beginning of 22% bracket $38,701 $77,401 $51,801 Beginning of 24% bracket $82,501 $165,001 $82,501 Beginning of 32% bracket $157,501 $315,001 $157,501 Beginning of 35% bracket $200,001 $400,001 $200,001 Beginning of 37% bracket $500,001 $600,001 $500,001 One thing to notice from these brackets…