IRS Announcement

The Internal Revenue Service said today that it successfully started accepting and processing 2016 federal individual income tax returns on schedule. More than 153 million returns are expected to be filed this year.

People have until Tuesday, April 18, 2017 to file their 2016 returns and pay any taxes due. The deadline is later this year due to several factors. The usual April 15 deadline falls on Saturday this year, which would normally give taxpayers until at least the following Monday. However, Emancipation Day, a D.C. holiday, is observed on Monday, April 17, giving taxpayers nationwide an additional day to… Continue reading

2016 Tax Filing Update

Dear Valued Client,

This is the time to gather all income tax related information for your 2016 tax return. IRS has started accepting business and personal tax return as of January 23, 2017

Enclosed word document will be very helpful for you to gather all information for filing tax return, especially for new customers, and will provide guidance/reference for the existing clients

New change for this year tax filings;

  1. FBAR: Foreign accounting filing deadline is moved up from June 30 to April 15 this year
  2. New York State tax filers will have to provide State Issue identification for… Continue reading

Annual Tax Planning

It is about time for the annual tax planning exercise. Make an appointment with your tax planner before the year end and discuss your options for saving on tax liability for the year 2016. To learn more, visit our site at www.justtaxnj.com

ITIN RENEWAL REQUIREMENT THIS YEAR

IRS Now Accepting ITIN Renewal Applications; Taxpayers Encouraged to Act Soon to Avoid Processing Delays in 2017.

If you have an ITIN issued by the IRS with xxx-78-xxxx and xxx-79-xxxx in the middle, you will have to renew your ITIN in order to file next year tax return. Contact us for ore information for this requirement.

 

Looking for Work May Impact Your Taxes

If you are looking for a job in the same line of work, you may be able to deduct some of your job search costs. Here are some key tax facts you should know about when searching for a new job:
  • Same Occupation.  Your expenses must be for a job search in your current line of work. You can’t deduct expenses for a job search in a new occupation.
  • Résumé Costs.  You can deduct the cost of preparing and mailing your résumé.
  • Travel Expenses.  If you travel to look for a new job, you may be… Continue reading