Tuesday 17 April, 2018 is the deadline for individuals filing 2017 federal taxes! Did you know there are different due dates for specific individuals and corporations that do not apply to everyone? TaxAct.com provides a reference library outlining Federal Due Dates by month by taxpayer type and provides state specific filing requirements. Check it out here: Tax Act Reference Library
Filing taxes after death is often an issue put aside amidst everything. It is important to know that there are requirements for this. In general, the final individual income tax return of a decedent is prepared and filed in the same manner as when they were alive. All income up to the date of death must be reported and all credits and deductions, claimed. The IRS has provided an online tool designed for taxpayers to learn about requirements. For access to this interactive tool, here is the link: IRS How to File after Death
For those scrambling to complete taxes, get going! Do you have documentation for deductions? Have you calculated the exact costs? Have you assembled all income for reporting? Pay attention to tax credits. Common tax credits are the “Earned Income Tax Credit” and the “Child Tax Credit”, along with potential credits for students. Working with tax professionals provides expertise specific to your individual situation.
It’s time to begin preparing for 2018 taxes now. 2018 includes many changes – be aware! The tax bracket income levels for 2018 will increase. The standard deduction limit for 2018 will increase. Expenses for deduction have changed. Business expenses permitted for deduction have changed. For individuals who pay estimated quarterly taxes, the deadline is also 15 April. Here is a link to the IRS site with dates: IRS Estimated Tax Deadlines 2018
Keeping life organized while you’re living allows you to be up for the task when deadlines and due dates come into play. Your day to day life fills up fast! Making time to button up provides an amazing sense of freedom.
The Living Planner proactively helps you assess ways for you to streamline living today, in preparation for the tomorrows to come at home and business. We explore ways for you to protect what is important to you by asking questions and exploring with you. When you’re ready to explore how to be ready, we’re here for you.
Contact us to learn more about how we work with individuals, business owners and employees via Email or online @ The Living Planner #ExpectTheUnexpected #CareForPeopleCareForBusiness