Monthly Archives November 2016

Since we are nearing the end of the year, it’s a good time to think about what types of records need to be kept.  Generally, tax records  should be kept for 7 years.  The list below can be used as a guide for the types of records that need to be kept: Alimony—If you receive or pay alimony, you should keep a copy of your written separation agreement or divorce decree as well as the maintenance or support decree. If you pay alimony, you need to keep your former spouse’s Social Security number. Home Business—If you have a home office
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IRS 2017  annual inflation adjustments have been announced.   The adjustments for 2017 that will affect the most taxpayers include: The standard deduction for married filing jointly rises to $12,700 up $100 from 2016. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,350 in 2017, up from $6,300 in 2016, and for heads of households, the standard deduction will be $9,350 for tax year 2017, up from $9,300 for tax year 2016. The personal exemption for tax year 2017 remains as it was for 2016: $4,050.  However, the exemption is subject to a phase-out that
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The new due date for filing Forms 1099-MISC Using Box 7 is January 31, 2017.   Box 7 on Form 1099-MISC is used to report non-employee compensation payments. Other 1099-MISC forms are due by February 28, 2017 if they are paper filed or by March 31, 2017 if they are electronically filed. If you need an extension to file Form 1099-Misc, a 30-day extension must be requested by the due date of the return. Under certain hardship conditions, an additional 30-day extension can be requested. Click here for more detailed information about electronically filing Form 1099-MISC.
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Employers are required to file their W-2 and W-3 copies to the Social Security Administration by January 31 in 2017.  In the past, employers had until the end of February to file W-2s if they were paper filing and until the end of March if they were electronically filing.  Extensions of time to file W-2s and W-3s is no longer automatic.  The SSA may grant one 30 day extension in extraordinary circumstances or catastrophe.  
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