Now is the time to start preparing your 2017 taxes. For individuals taxes must be filed by Tuesday, April 17, 2018.
Your income taxes are affected by a number of factors, including such things as the sale of your primary home. The more complicated your taxes become, the more important it is to know what exemptions, exclusions, and deductions there are available, and how to get the most out of your tax returns.
Tips for Preparing Your 2017 Taxes
Review which documents you need for your individual tax returns and/or business returns. Note: Filing deadlines are earlier for businesses. Aim to have your documents to your CPA by mid-February.
Filing taxes for your senior parent can seem like a difficult prospect, but it doesn’t have to be. Read more to find out if you need to file for your parent and if you can claim them as a dependent.
Home Office Tax Filing
If your home is the primary location for your business and has a dedicated office space, you may be able to file for a home office deduction. This is possibly the most overlooked of all tax deductions, owing to the complexity of filing in years past. The IRS reduced the calculations required to file for a home office deduction by allowing a flat $5 per sq. foot deduction, making it easier to claim your deduction.
Small Business Tax Preparation
Small businesses must provide both proof of income and proof of expenses. This includes receipts, invoices, banking documents, and more. Be sure to claim assets such as office furniture or computers, and any incidental expenses such as transportation costs or entertainment expenses.
Assisting Seniors at Tax Time
For seniors, tax season can be especially confusing. Not all seniors are required to file a tax return, for example, and may even be eligible for claiming as a dependent. If you have contributed significantly to your parent’s medical expenses, you may be able to claim some or all of those costs as well. The best advice is to speak with a tax professional to find out what your options are.
It is important to have the right accountant in your corner. At Ernst Wintter & Associates LLP, our goal is to provide quality tax planning and preparation services for all of our clients: business, individual, trust and estates. We are your independent advisors and advocates. If you have questions about the 2017 tax season, contact us today.