2016 Tax Preparation Services in Idaho Falls
Start your year off right by understanding how and when to file your 2016 tax returns and by learning more about Idaho Falls 2016 tax preparation services. With the ACA mandate, penalties for late filing, and small business tax procedures, having correct information will allow you to put your best foot forward this year. Even though this year we will be getting 3 extra days to have our taxes filed, being prepared with the best information that will get you the most money back is in your best interest. This year the deadline for taxes falls on April 18th instead of April 15th. April 15th falls on the weekend and that following Monday is an observed holiday, so taxes will need to be filed at the latest on the Tuesday. But there is no need to wait until then, January 23rd is the date that the IRS will start taking electronically filed taxes (e files). Some other important dates to mark on the calendar for your 2016 tax preparation services in Idaho Falls are:
- January 31st - By this date, you should have received a W-2 from your employer. If you have not received a W-2 by this time, contact their Human Resources department or Head of Payroll to have your tax documents resent.
- February 1st - This is the deadline for 1099 statements. This is the last day for any self employed peoples to file their 1099 statements and pay their estimated fourth quarter tax. This also includes 1099 statements in regards to bank interest, non employee compensation, and retirement dividends and distributions.
- February 16th - Financial Institutions need to have mailed out 1099-B, 1099-S, and 1099 MISC forms.
- March 15th - S Corporations and Partnership filings are due at this time.
Extension Requests for 2016 Tax Preparation Services in Idaho Falls
For people that are planning to request extensions on filing their taxes, there are some later dates that you will want to be aware of. If you know that you will not be able to file your taxes by April 18th, you can request an automatic 6 month extension on your taxes. However, even with this six month extension on filing your taxes, you will still be expected to pay the amount owed by April 18th. If you do not pay what you owe by this date, an interest incurred will be paid and you may be subjected to penalty fees. An extension request will have need to be filed no later than April 18th. Dates for extensions on taxes included:
- June 15th - The last day for U.S. citizens or residents who are living abroad to file their taxes. If not filed this day, they can request a four month extension.
- October 15th - This is the last day to file taxes if a six month or four month extension was approved. These must be filed before tax day on, April 17th.
To file extension requests, you will need to file a Form 4868 before tax day. It is important to note when getting ready to prepare an extension request, that you do not need to request it just because you cannot pay the amount you owe by April 18th. Filing taxes late can result in two different penalties:
- Failure to File Penalty - normally this penalty will cost you 5% of your unpaid taxes for every month you do not pay what you owe. The maximum amount this will reach is 25%. If you decide to wait until after 60 days to file your taxes, it will cost you the smaller of the two amounts, either $135 or 100% of your taxes.
- Failure to Pay Penalty - This penalty is ½ of one percent of your unpaid taxes for each month they are not paid. If by the time you do file your taxes and you have paid 90% or more of the amount you owe, you may not face this penalty at all.
Filing your return on time and paying as much as you can, will help you to avoid extra interest costs and any penalties you could face. That is why it is important to file your taxes as soon as you can using your 2016 tax preparation services in Idaho Falls. If you have any questions concerning your taxes, an experienced tax preparation CPA at Poston, Denney & Killpack can help you with your tax concerns.
Understanding the ACA for Idaho Falls 2016 Tax Preparation Services
The Affordable Care Act (ACA) has been around since 2014 but some of us are still unsure how we need to file for it for our 2016 tax preparation services in Idaho Falls. Basically, it is important for everyone - dependents included, to have health coverage that meets the minimum requirements for health coverages as mandated by the ACA. For individuals that do not meet the minimum requirements for the Affordable Care Act, they could potentially need to pay a penalty for non compliance. Here are some of the minimum requirements needed for ACA:
Self insured plans, including COBRA coverage and retiree coverage
- Insurance that has been purchased by the individual
- Medicare Part A, Medicare and Advantage Plans, and most Medicaid plans
- Children’s Health Insurance Program (CHIP)
For information for other types of insurance that meet the requirements of ACA you can go here, to see if you are complying with the mandate for your 2016 Idaho Falls tax preparation services.
2016 Idaho Falls Tax Preparation Services for Small Businesses
Depending on what type of business entity you own, will determine what type of form you need to file your taxes. Regardless of your business type, whether it is an LLC company, you are self employed or a sole proprietorship, you will file your taxes using a very similar formula. First you will want to get all your records in order and know what type of business credits you can apply for you 2016 Idaho Falls Tax preparation services. When you own your own business you will also deal with business expenses, for this reason you are able to deduct certain expenses from your business that are deemed necessary. Some of those deductions can include:
- Storage
- Gas mileage
- Factory Overhead
- Storage
- The cost of raw materials and supplies
There are more things that you can deduct from your business expenses, to find what those are you can visit here. Owning a business is not the only way to deduct expenses from your taxes, for your personal taxes there are also deductions that can be made these can include, student loan deductions, homeowners deductions, and tax credits for healthcare.
We Want to Help With Your 2016 Tax Preparation Services in Idaho Falls
Poston, Denney & Killpack want to help you stay organized and we are able to handle the task of getting you the most money from your taxes. Even with all the information out there it helps to have a qualified tax preparer answering your quest you along the way. If you would like information about our Idaho Falls 2016 tax preparation services call us at (208) 522-0886 for your free consultation today.
