Law passes that changes tax return filing due dates for 2016

On July 31, 2015, President Obama signed into law the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015”.  Within this law are a number of important tax provisions including revised due dates for partnership and corporation tax returns.

The new due dates become effective for entities with tax years beginning after December 31, 2015.  So for calendar year entities, this will take effect during the 2017 filing season for 2016 tax returns.  Partnerships will have to file their returns by March 15th, formerly April 15th (if a normal calendar year-end).  In other words, the filing deadline for Partnerships will be accelerated by one month.

C-Corporations will have to file their returns by April 15th, formerly March 15th (if a normal calendar year-end).  So C-Corporations get an additional month to file their tax returns.

Time for a Mid-Year Premium Tax Credit Checkup

If you have insurance through the Health Insurance Marketplace, you may be getting advance payments of the premium tax credit which are paid directly to your insurance company to lower your monthly out-of-pocket cost for insurance.  These advance payments are determined when you sign up for insurance through the Marketplace and are based on income estimates.  If your income circumstances have changed since the beginning of the year, you may be required to pay back those advance payments next April during tax time.  No one likes surprises, so if this fact pattern sounds familiar, you will want to contact the Marketplace to report these changes to them.  Here is a link to a IRS Tax Tip that gives further information.

Tax Tips for Students with a Summer Job

Is your child a student with a summer job? Here’s what you should know about the income your child earns over the summer. Read more

Cash Flow: The Pulse of your Business

Cash flow is the lifeblood of any small business. Some business experts even say that a healthy cash flow is more important than your business’s ability to deliver its goods and services! While that might seem counterintuitive, consider this: if you fail to satisfy a customer and lose that customer’s business, you can always work harder to please the next customer. If you fail to have enough cash to pay your suppliers, creditors, or employees, then you’re out of business! Read more

The Home-Based Business: Basics to Consider

More than 52 percent of businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs–home-based business people.

And, with technological advances in smartphones, tablets, and iPads as well as a rising demand for “service-oriented” businesses, the opportunities seem to be endless.

Is a Home-Based Business Right for You?

Choosing a home business is like choosing a spouse or partner: Think carefully before starting the business. Instead of plunging right in, take the time to learn as much about the market for any product or service as you can. Before you invest any time, effort, or money take a few moments to answer the following questions:

• Can you describe in detail the business you plan on establishing?
• What will be your product or service?
• Is there a demand for your product or service?
• Can you identify the target market for your product or service?
• Do you have the talent and expertise needed to compete successfully? Read more