I have made it through another filing season!
Most people think that April 15th is the end of the tax filing season. Actually, the official end of the filing season for 2018 income tax returns is October 15th.
Over the next two and a half months, I will be taking continuing education classes, upgrading computer hardware and software, helping clients with 2019 tax projections, and other projects.
Also, I will start getting ready to file 2019 income tax returns.
2018 Individual Tax Returns Due
If you filed an extension for your 2018 income tax return back in April, now has come to the time to get that return finished and filed.
2018 Individual Income Tax returns on extension are due October 15, 2019.
If you have any questions about extended tax returns, please feel free to [Contact Me].
A Few Important 2019 Tax Law Changes for Individuals
As we approach the end of 2019, it is important to review some of the 2019 tax law changes. Here is a quick video that summarizes some of the 2019 changes:
If any of these changes impact your tax situation, please consult your tax professional. If you do not have a tax professional, please [Contact Me].
Do you have kids in daycare?
Now that the kids are back in school, let’s take a look at some possible tax benefits relating to various school expenses.
If you and your spouse are both working (or actively looking for work), then expenses paid for childcare may qualify for tax benefits. Qualified childcare expenses include payments to individuals, businesses, or organizations that offer childcare services. These expenses are paid for children under age 13 and.
There are a couple of possible tax benefits from these expenses:
- Pretax Exclusion (up to $5,000) – is done through an employer pretax dependent care program. Money is withheld before taxes from an employees pay and then the employee is reimbursed with this money for daycare expenses.
- Tax Credit (up to $2,100) – is claimed on Form 2441 and offsets, dollar for dollar, a taxpayer’s tax but is not refundable if the credit exceeds the tax.
If you have any questions about childcare expenses, please feel free to [Contact Me].
2018 Business Tax Returns Due
The following 2018 extended business tax returns for calendar year-end taxpayers are due on September 16, 2019:
- 1120-S S-Corporations
- 1065 Partnerships (or multi-member LLCs).
If you have any questions about tax return due dates, please feel free to [Contact Me].
