2016 Tax Filing Deadline is April 18th

If you haven’t filed your 2016 tax return, April 18, 2017 is the due date to either file your return and pay any taxes owed, or file for the automatic six-month extension and pay the tax you estimate to be due. The due date is normally April 15, but the 15th falls on a weekend and the next business day, April 17, is Emancipation Day, a legal holiday in Washington D.C., so the due date in 2017 is April 18.

Why Do Small Businesses Fail?

Common Reasons Small Businesses Fail

Many people dream of starting a small business.  This is a dream that can become a reality, or, as happens to about 33% of prospective business owners, according to the Small Business Administration – it can result in dismal failure within two years.  There’s no magic-bullet solution to ensure a successful business, but if you don’t want to be in that 33%, you should be aware of the common reasons that small businesses fail.

Are You Aware of These Tax Penalties?

Common Tax Penalties 

Even though most people don’t intentionally incur tax penalties, however, many are penalized because they are not aware of the penalties or the impact they can have on their wallet.  Before tax season approaches, here are some of the more commonly encountered penalties and how they may be avoided.  Keep in mind that there are more severe penalties not mentioned here that apply to fraudulent actions or claims.  

W-2 and 1099-MISC Filing Dates Moved Up

Two New Fraud-Prevention Measures from the IRS

The first will purposely delay until February 15 the issuance of refunds for tax returns where there is an earned income tax credit (EITC) and/or a refundable child tax credit (CTC), giving the IRS more time to match the income reported on these returns to the income reported by employers. These two tax credits have been the favorite target of scammers who have been filing fraudulent returns with stolen IDs and fabricated income before the IRS is able to verify the income and withholding claimed on the returns.