Our Blog

Due to changes in the law, for credits or refunds claimed on your 2016 tax return that include either/or the earned income credit and/or the additional child tax credit, the IRS cannot issue a tax refund before February 15th. This includes any and all parts of a tax refund. 

The IRS has been warning taxpayers that some of these refunds may not hit taxpayers bank accounts until February 27th due to the timing of bank holidays. You should still file your tax return as early as possible and the IRS will still process your return, but the refund won’t be issued until after February 15th.

Pollyanna King, CPA, MST •

​As you pour through your checkbook register and piles of receipts for tax reporting items, you may need to start a list of your 2016 charitable donations. For people who file using the itemized deduction method, and report your donations on Schedule A instead of using the standard deduction, you should have a list with the charity’s name, the date and the amount that was given followed by a grand total for your record of 2016 charitable donations. 
​

​The accounts receivable and payable aging reports are helpful tools in QuickBooks to find out who you owe and who owes you quickly. The reports show the age of the receivables and payables so you know if you’re behind on a payment or if a customer is behind on a payment. However, you may have noticed that you have some zero balance lines. 
​

Sandra Fay •

Do you use an online source to rent out a room or vacation home or provide transportation to others that you receive payment for? You might even use Craigslist or post it in the newspaper. Did you know that this needs to be reported on your income tax return, even if you do not receive a Form 1099-MISC or other reporting form for that rental income? The payment you receive is considered taxable as income for which you are responsible for paying taxes on at year end.  Depending upon how often you rent, you might want to make an estimated tax payment in relation to this.