Fall 2017 Newsletter
August 25, 2017
Dear Clients and Friends:
We hope your summer has been enjoyable. The kids are headed back to school in the coming weeks and fall is right around the corner. Hopefully the mild summer we have had isn’t a sign of a harsh winter to come.
Enclosed, please find the fall edition of our quarterly newsletter. On the cover page of the newsletter, you will find important information on filing an amended tax return. There are essential things to know when deciding if amending your return is the right option. Typically amended returns are required if you are correcting an error that will yield a significant refund or an additional tax due. If the IRS discovers the error before an amended return is filed, you could face interest and penalties on the additional tax. In the event an error is discovered, please call our office so we can decide the best approach.
On Page 2 of the newsletter, you will find valuable information about home office deductions. Did you know if you have office space and work from home, you can deduct a variety of expenses? These expenses include portions of your rent or mortgage, insurance, utilities and improvements and repairs among other potentially deductible expenses. The Home Office Deduction is a tricky provision in the tax code. Although many believe it can increase your chances of being audited and may be too complicated for what it’s worth, there are simple methods available. Please call our office to find out about deducting your home office expenses.
Also in our newsletter you will find suggestions for parents of young adults that are affected by the high levels of unemployment and college debt and are struggling to make it on their own. As parents, we are ready and available to help our kids. With our experience, we can offer advice and help set expectations. Additionally, the last page of the newsletter discusses things to know and questions to ask about paying your mortgage off early. Before making the decision to pay off your mortgage early, please call our office to decide if this is the best decision for you. While it may seem like an easy choice, will it earn you the highest return for the money spent?
Important dates to note on your calendar in the coming months include the September 15 due date for the third estimated tax payment for 2017. September 15 is also the deadline to file extended tax returns for S-Corporations and Partnerships. October 16 is the deadline to file all extended Individual returns and C-Corporation returns on extension and the deadline for characterizing a Roth to a regular IRA contribution.
With the filing deadline fast approaching, we are working diligently to complete the returns that are on extension. If you have not dropped off all of your 2017 information, please do so as soon as possible.
The months of November and December are a great time to evaluate your tax situation and review the options you have. If you have any concerns or questions, please don’t hesitate to call our office. We look forward to meeting with you in the coming months to discuss tax planning for 2017.
Please call our office today to schedule an appointment or if you have any questions regarding the information contained in this letter. As always, we appreciate your continued patronage and welcome the referrals of your friends and associates.
Starkey & Company, P.A.