2015 Year-End Tax Planning Guide
It's important to take early action with your taxes to ensure you're minimizing your costs and increasing your returns. Reviewing your 2015 taxes before the end of the year helps find potential tax-saving opportunities that may have been overlooked. Among the most prominent items to consider on a personal tax report are your qualified dividends and potential credits and deductions, such as IRA and HSA contributions, student loan interest payments and the variety of out-of-pocket expenses for self-employed individuals. With regards to business taxes, it's recommended to look carefully at your fixed asset strategies and potential business losses. The most important thing to consider is the impact of the Affordable Care Act, which this year will account for an employer's contributions on business tax report for the first time since the bill was passed. The 2015 Year-End Tax Planning Guide will help you get the most from your personal and business taxes. Contact your Sanders Thaler Viola & Katz representative for more information.
Click Here to view the tax planner.
Important Tax Return Due Date Amendments
The short-term highway funding extension passed by the Senate contains several important tax provisions. The bill was passed by the House of Representatives in a 385 to 34 vote, and President Barack Obama signed the bill into law on July 31, 2015. The bill modifies the due dates for several common tax returns and requires that additional information be reported on mortgage information statements and that there is a consistent basis reporting between estates and beneficiaries. The new due dates apply to taxable years beginning after December 31, 2015. That means that they'll apply, generally, to 2016 (the returns you'll file in 2017) for most taxpayers.
Click Here for the new due dates.
New 1040 Draft Form
The IRS has once again distributed and an early release draft of the 1040 form. The form can be previewed online, but it is currently subject to change per adjustment in applicable laws and has not been officially approved for use for 2015 tax filing.
Click Here to view the form.
Scott Sanders, CPA, featured in Newsday Article
Scott Sanders, CPA, managing partner of Sanders Thaler Viola & Katz, LLP, was recently interviewed for Newsday's "Cutting housing costs to enjoy golden years" article in the publication's retirement issue. Mr. Sanders discussed how an early mortgage payoff or refinancing will help reduce monthly expenses after retirement.
Click Here to read the story.
Long Island Press Best of LI Nomination
We are excited to announce that we were nominated for Best Accounting Firm as part of the Long Island Press' Best of Long Island awards. Our Partner, Michael Katz, CPA, ATA, has also been nominated under the Best Accountant/CPA category.
Please click here to vote for Michael and the firm!
Click on one of the following for additional updated information:
• S.A.L.T October 2015 Newsletter
• Client Line October 2015 Newsletter
To learn more about Sanders Thaler Viola & Katz, LLP, visit www.st-cpas.com.