If you wish to purchase health insurance for 2019 on the ACA Marketplace, open enrollment is NOW! The open enrollment period ends on December 15th, which is right around the corner. Even if you already have a policy set to renew through the ACA Marketplace, it’s still worth the time to make sure there’s not a better deal or policy out there to suit your needs. After December 15th, you need to have a “major life event” to enroll in an ACA plan, so don’t miss this deadline!
I will be out of the country without my computer/tax software from December 16th through January 4th. If you need any year-end advice or projections, please contact me as soon as possible.
I’m not ignoring you…I’m ignoring everybody.
Here in Texas, we are in the midst of early voting for the November 6th election. I drove by the nearest polling place today, and the line went outside, across the porch, down the steps, and down the sidewalk into the parking lot. I decided to come back tomorrow when I have the entire afternoon off (because I have a wacky schedule). But I worry that many without my schedule flexibility might not have the time to wait in line or the ability to come back the next day. I love the high turnout, though! Please don’t give up!
Greetings, gentle taxpayers!
I know most people think 2017 ended when the clock struck midnight on December 31st. However, for tax preparers, the year doesn’t end until the clock strikes midnight on October 15th, the final deadline for extended tax returns. It can now be 2018 for me.
Of course, as of this writing, there are only 76 sunsets left in (the calendar year) 2018. The new tax laws going into effect for the 2018 tax year will be a learning experience for all of us (me included, though I probably have a head start). But some year-end things never change:
-Pay any last minute or end of year Schedule C/freelance business expenses
-Gather up your receipts and do some advance organization
-Consider selling stocks in loss positions
-Save up for 4th quarter estimated payment (1040-ES) due January 15th, 2019 (if applicable)
-Check your year-to-date federal tax withholding (or contact me to do this) to be sure you are on track
-If you prepare Forms 1099-MISC for independent contractors you hire, get updated Forms W-9
Finally, if you filed a little on the late side and are curious about your refund status, please take a look at my blog post “Where’s my refund?!?”. It may sound a little cranky, but it will show you how to find out when your refund is slated to be direct deposited.
And now, we slide right on out of 2018…
As I write this, January 31st is TOMORROW! Be sure to get the forms postmarked tomorrow!
If you make estimated tax payments, your fourth quarter 2017 Form 1040-ES payment must be postmarked on or before Tuesday, January 16th. I suggest sending it certified mail for proof of mailing date.
You probably noticed that a major tax overhaul recently passed. Here are a few actions I would recommend taking before the end of 2017:
The 2017 tax return will generally follow the old rules; the 2018 returns will be subject to the new tax laws. As I learn more about the new laws, I will provide additional direction on any other actions to take in the new year.
Even though the 2016 filing season just wrapped up, it will be time for 2017 tax returns (and 1099s and Texas Franchise Tax and 2018 Estimated Taxes) before we know it.
Some things to think about BEFORE the end of 2017…
It’s not too early to get a head start on collecting your expenses, tallying mileage, and organizing documents for 2017. I’ll be making a push to get tax returns done early this year, so getting things done ahead of time will be a huge help.
Your favorite CPA,
Meghan
* Subject to capital loss limitations.
** Subject to itemized deduction limitations.
Greetings! This is your friendly reminder that your 3rd quarter 2017 Form 1040-ES estimated tax payment is due Friday September 15, 2017. Be sure your payment is postmarked on or before that date. I recommend you mail it via certified mail (minimum) with return receipt requested (preferable) to prove it was mailed timely. Enclose your voucher and check loose in an envelope (do not staple or otherwise attach). Also, make the check payable to “U.S. Treasury” and put the taxpayer’s social security number (leaving off two digits: 123-45-XX89), phone number, and the words “3rd quarter 2017 Form 1040-ES” on the check.
This is one of the most popular questions people ask me. It is also one of my least favorite questions because I can’t answer it. (If you ask me this during the last few weeks of busy season when my hair is on fire, I will likely utter an obscenity and put your email in the “low priority” folder.) Once I efile a return and the IRS accepts it, refund timing is out of my hands. The IRS says 3-6 weeks, but sometimes it’s shorter or longer.
I have a solution for people who get a little impatient. The IRS website has this handy tool called “Where’s My Refund?“. You need some information found on your tax return, so have that handy when you go to the website. It will give you the refund status and a projected disbursement date. Easy-peasy and you don’t tick off your CPA.
Meghan Birmingham 