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…

• If you are worried that you have not paid enough in federal tax withholding for 2017, please contact me now to discuss increasing your withholding or making an estimated payment.
• If you have some stocks that have fallen and can’t get up, sell before the end of the year to claim a capital loss.*
• If you are planning a Traditional or Roth IRA contribution, start setting money aside. Contributions to these accounts must be made by April 17, 2018.
• If you plan to donate to charity (especially if you are donating a large non-cash item like a vehicle), be sure to complete the donations by 12/31/2017 to deduct on the 2017 tax return.**
• If anything out of the ordinary has happened with your income or expenses during 2017, let me know so we can prepare for any possible tax effects.

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.

“When will I get my refund?”

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.

Help Me Help You

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.

It’s March. Just sayin’. Hope to see you soon!

In cycling, people talk about going into the “pain cave” when they are putting out an extraordinarily difficult effort. This time of year, I go into the tax cave. Busy season is an extraordinarily difficult effort for me each year due to IRS deadlines, opera season, teaching commitments, Easter gigs, and life in general. So, if you want to visit me in the tax cave, please set up an appointment soon!

Greetings all! Now would be the time to contact me to set up an appointment. Believe it or not, my calendar is already starting to fill up for March. So, send me an email with your availability and we’ll get something on the schedule. Thanks!