FAQ

What is the deadline for filing my 2016 Individual Tax Return? The IRS has set the filing deadline for 2016 individual returns for April 17, 2017. The due date for Partnership and S-Corporation tax returns is March 15, 2017 (Note, this is a change from prior years), while Corporations are due April 17, 2017.

Can I extend the filing of my personal or business tax return? The IRS and most state governments normally allow a 6 month extension for filing appropriate tax returns.  However you must file a proper extension request form and pay all taxes due by the original due date.  Extensions sent to the IRS or a State government must be post marked by the returns original due date to be considered timely filed.  A specific jurisdiction can have its own rules regarding length of extension and type of form to be filed so check with the appropriate department of taxation for more information.

If I am self-employed or managing my own business what are the deadlines for making my estimated payments in 2016? Estimated payments for most individuals are to be made quarterly on the following dates in 2017: April 15th, June 15th, September 15th, and January 15, 2018. Business owners who have to make corporate tax payments need to follow the following schedule: April 15th, June 15th, September 15th, and December 15th.

As a business owner do I need to send copies of 1099’s I completed to the state taxing authorities? It depends on the states in which you operate.  For instance the state of New York does not require you submit 1099’s directly to the Department of Taxation.  However New Jersey does require you to submit copies of 1099’s filed with the IRS to the NJ Division of Taxation by February 15th of each year.

As someone who is self-employed or a small business owner are my family’s medical insurance premiums deductible? Most self-employed individuals or small business owners (primarily LLC, Partnership, or S-Corp owners) can deduct the amounts they’ve paid for medical and dental insurance for their families.  However the deduction is normally required to be taken on a personal 1040 tax return.  Many laws related to small businesses and health insurance in general have changed over the past few years and should be reviewed with a knowledgeable CPA.

Can I claim both the child tax credit and the child and dependent care credit? You can claim both the child tax credit and the child and dependent care credit on the same return if you qualify for both credits.

What expenses qualify for an education credit? Expenses that qualify for an education credit are qualified tuition and related expenses paid by the taxpayer during the taxable year. Qualified tuition and related expenses are tuition and fees required for the enrollment or attendance of the taxpayer, the taxpayer’s spouse or the taxpayer’s dependent at an eligible educational institution for courses of instruction.

Is interest on a home equity line of credit deductible as a second mortgage? You may generally deduct home equity debt interest, as an itemized deduction; note there are a few conditions that need be met before the deduction is certain: 1.The interest is your legal liability 2. The interest was paid in the current year 3. The debt is secured by your home 4. Other limitations apply based on the value of your home

Is the mortgage interest and property tax on a second residence deductible? The mortgage interest on a second home which you use as a residence for some portion of the taxable year is generally deductible if the interest satisfies the same requirements  as deductible interest on a primary residence.

Our home was seriously damaged by flooding last year. Are there special provisions for the timing of claiming a loss since our home is located in a federally declared disaster area? Casualty losses not compensated for by insurance or otherwise are generally deductible only in the year the casualty occurred. There is generally a limitation for the deduction based on a taxpayer’s adjusted gross income in the year.

What is the standard deduction amount for my 2016 tax return? It depends on a taxpayer’s personal filing status: Single/Married Filing Separately – $6,300 Married Filing Jointly – $12,600 Head of Household – $9,300

What is the amount of exemption for each dependent on my 2016 Return? The exemption for each qualifying dependent on your 2016 tax return is $ 4,050. We encourage you to ask questions! Please feel free to contact us directly using the contact form with any further inquiries. The websites listed below are for your use to connect you to some of the government websites if you need them.

IRS

New York State

New Jersey