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Individual tax calendar: Key deadlines for the remainder of 2017

While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that are important to be aware of. To help you make sure you don’t miss any important 2017 deadlines, here’s a look at when some key tax-related forms, payments and other actions are due. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them.
June 15
* File a 2016 individual income tax return (Form 1040) or file for a four-month extension (Form 4868), and pay any tax and interest due, if you live outside the United States.
* Pay the second installment of 2017 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
September 15
* Pay the third installment of 2017 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
October 2
* If you’re the trustee of a trust or the executor of an estate, file an income tax return for the 2016 calendar year (Form 1041) and pay any tax, interest and penalties due, if an automatic five-and-a-half month extension was filed.
October 16
* File a 2016 income tax return (Form 1040, Form 1040A or Form 1040EZ) and pay any tax, interest and penalties due, if an automatic six-month extension was filed (or if an automatic four-month extension was filed by a taxpayer living outside the United States).
* Make contributions for 2016 to certain retirement plans or establish a SEP for 2016, if an automatic six-month extension was filed.
* File a 2016 gift tax return (Form 709) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
December 31
* Make 2017 contributions to certain employer-sponsored retirement plans.
* Make 2017 annual exclusion gifts (up to $14,000 per recipient).
* Incur various expenses that potentially can be claimed as itemized deductions on your 2017 tax return. Examples include charitable donations, medical expenses, property tax payments and expenses eligible for the miscellaneous itemized deduction.
© 2017

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Self-Employment Tax Reduction Strategies for Spouse-Owned Businesses
Do you and your spouse own an unincorporated business that's treated as a partnership for tax purposes? If so — and it's profitable — you may be paying more in self-employment (SE) tax than is necessary. Here are three ways that spouse-owned businesses may be able to lower their SE tax hit.

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We hope to see you April 21st for the 6th annual Spring High Tea to benefit Safe Nest! Last year, Safe Nest provided direct services to over 43,000 women, men, and their families. Please see the attached flyer below to RSVP.

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Assisted Living Cost Considerations
As the population ages, assisted living facilities around the country are increasing in popularity. But the facilities vary widely and can be expensive. The majority of residents pay out-of-pocket, rather than having government health programs cover the costs. Here is a quick look at the rate structures of the facilities, along with other financial factors to consider.

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Dynasty Trust Provides a Bridge to Keep on Giving
One of the characteristics of a trust is its ability to build a bridge between life and death. A dynasty trust allows you to extend estate tax benefits for several generations, and perhaps indefinitely. It can protect wealth from gift, estate and generation-skipping transfer (GST) taxes and help leave a lasting legacy. And, with today's higher lifetime gift and GST tax exemptions, a dynasty trust is all the more powerful. This article shows how a dynasty trust can be beneficial under particular scenarios, and how to enhance its benefits.

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Contesting a Will is No Easy Feat
Most challenges to a will are unsuccessful, particularly if the claim is "undue influence" on the decedent. But you still need to ensure your will is properly handled. Here's a look at the elements that a court may consider when a will is contested.

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Join Stone Law Offices and Safe Nest for their 6th annual Spring High Tea, taking place at the Cosmopolitan of Las Vegas. Founded in 1977, Safe Nest is the oldest and largest nonprofit in Nevada focused solely on domestic violence issues. Please see the flyer below to RSVP.

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Saving tax with home-related deductions and exclusions

Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017:

Property tax deduction. Property tax is generally fully deductible — unless you’re subject to the alternative minimum tax (AMT).
Mortgage interest deduction. You generally can deduct interest on up to a combined total of $1 million of mortgage debt incurred to purchase, build or improve your principal residence and a second residence. Points paid related to your principal residence also may be deductible.
Home equity debt interest deduction. Interest on home equity debt used for any purpose (debt limit of $100,000) may be deductible. But keep in mind that, if home equity debt isn’t used for home improvements, the interest isn’t deductible for AMT purposes.
Mortgage insurance premium deduction. This break expired December 31, 2016, but Congress might extend it.
Home office deduction. If your home office use meets certain tests, you generally can deduct a portion of your mortgage interest, property taxes, insurance, utilities and certain other expenses, and the depreciation allocable to the space. Or you may be able to use a simplified method for claiming the deduction.
Rental income exclusion. If you rent out all or a portion of your principal residence or second home for less than 15 days, you don’t have to report the income. But expenses directly associated with the rental, such as advertising and cleaning, won’t be deductible.
Home sale gain exclusion. When you sell your principal residence, you can exclude up to $250,000 ($500,000 for married couples filing jointly) of gain if you meet certain tests. Be aware that gain allocable to a period of “nonqualified” use generally isn’t excludable.
Debt forgiveness exclusion. This break for homeowners who received debt forgiveness in a foreclosure, short sale or mortgage workout for a principal residence expired December 31, 2016, but Congress might extend it.
The debt forgiveness exclusion and mortgage insurance premium deduction aren’t the only home-related breaks that might not be available in the future. There have been proposals to eliminate other breaks, such as the property tax deduction, as part of tax reform.

Whether such changes will be signed into law and, if so, when they’d go into effect is uncertain. Also keep in mind that additional rules and limits apply to these breaks. So contact us for information on the latest tax reform developments or which home-related breaks you’re eligible to claim.
© 2017

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Contact us if you are planning a move out of state or have recently relocated to Nevada. We can review your trust and determine its portability.

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