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De Martini & Company, LLP
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Checking the Status of Your Federal Tax Refund is Easy - Article Highlights: Federal tax refund status can be checked online.  E-file refunds are generally issued within 21 days of filing.  Direct deposit provides the quickest refunds.  If your 2016 federal return has already been filed and you are due a refund, you can check the status of your refund online. “Where’s My Refund?” is an interactive tool on the IRS web site at IRS.gov. Whether you have split your refund among several accounts...

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Use Direct Deposit for Faster Refunds - Article Summary: Speed  Security  Convenience  Options  Funding an IRA  Want your tax refund quicker? Don’t wait around for a paper check. Have your federal (and state, if applicable) tax refund deposited directly into your bank account. Selecting Direct Deposit is a secure and convenient way to get your money into your pocket more rapidly. Even for taxpayers whose refunds will be delayed until after February 15, because they have an earned income cre...

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March 2017 Business Due Dates - March 15 -  Partnerships File a 2016-calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return and provide Schedules K-1 or substitute Schedules K-1 to the partners, file Form 7004. Then, file Form 1065 and provide the K-1s to the partners by September 15.March 15 -  S-C...

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March 2017 Individual Due Dates - March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncol...

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Tax Benefits for Parents - Article Highlights: Exemptions  Child Tax Credit  Earned Income Tax Credit  Head of Household Filing Status  Child Care  Education Savings Plans  Education Tax Credit  Education Loan Interest  Child’s Medical Expenses  If you are a parent, whether single, married or divorced, there are a significant number of tax benefits available to you, including deductions, credits, filing status and exemptions that can help put a dent in your tax liability. Exemptions – Regar...

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Don't Overlook Tax Deductions for Home Ownership - Article Highlights: Mortgage Interest Deduction  Home Improvement Loan Interest Deduction  Equity Debt  Property Tax Deduction  Private Mortgage Insurance Premiums  Solar Energy Credits  Impairment-Related Home Expenses  Points Deduction  Home Office Deduction  Whether you already own a home or are considering buying one, you should be aware of the many tax benefits that go along with home ownership. There are plenty of reasons for owning a...

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Childcare Providers Enjoy Special Tax Deductions - Article Highlight: Auto Travel  Capital Purchases  Supplies  Children’s Meals  Business Use of the Home  If you are a childcare provider, tax law provides you with special tax breaks, including deductions for travel, capital purchases, supplies, children’s meals and the business use of your home. Travel – Your auto expenses are based on the number of qualified business miles that you drive. Auto expenses for you (as a day care provider) cou...

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Want To Make An IRA Contribution For Last Year? You Still Have Time.

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Are you age 70 and a half or over and taking required minimum distributions (RMDs) from your IRA account?

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IRS Clamps Down on Tax Credits - Article Highlights: Affected Credits Retroactive Claims Disallowance Periods for Improper Credit Claims Preparer Due-Diligence Requirements 1098-T Requirement to Claim Education Credits Refunds from AOTC and CTC Returns Will Be Purposely Delayed In an effort to rein in tax fraud, which is costing the government billions of tax dollars, some new laws that take effect in 2016 will clamp down on individuals who have fraudulently claimed the American Opportunity...
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