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2017 Tax Filing Changes and Due Dates You Need to Know

2/23/2017

2017 Tax Filing Changes and Due Dates You Need to Know

 
 
The Internal Revenue service has already started accepting and processing 2016 individual income tax returns. As we move through the tax filing season, the dedicated staff at Gordon Zink CPA, PA would like you to know there are a number of important law changes that have taken place. We encourage taxpayers to rely on a trusted tax professional who can provide helpful information about the new tax laws and how they may impact you.
 
Here are a few things to keep in mind:
 
S Corporations & Partnership Filing Deadlines
Deadline for filing a 2016 corporation or S corporation return or extension is March 15, 2017 and pay any tax due. Important New Deadline for filing 2016 Partnerships has been changed from prior due date of April 15 to new date of March 15, starting this 2017 tax season : File a 2016 tax return (Form 1065) by March 15, 2017. Provide each partner with a copy of Schedule K-1 (Partner’s Share of Income, Deductions, Credits, etc.) of Form 1065, or a substitute Schedule K-1.
 
Standard Mileage Rates Have Been Revised
  • 54 cents per mile for business miles driven in 2016, down from 57.5 cents in 2015. For those planning ahead, the 2017 rate, for use on a 2017 return filed next year, is 53.5 cents per mile.
  • 19 cents per mile driven for medical or moving purposes in 2016, down from 23 cents in 2015. The 2017 rate is 17 cents.
  • 14 cents per mile driven in service of charitable organizations. This rate is set by law and is unchanged.
 
Three Extra Days to File and Pay
Taxpayers will have until Tuesday, April 18, 2017 to file their 2016 returns and pay any taxes due. That’s because of the combined impact of the weekend and a holiday in the District of Columbia. The customary April 15 deadline falls on Saturday this year, which would normally give taxpayers until at least the following Monday. But Emancipation Day, a D.C. holiday, is observed on Monday, April 17 giving taxpayers nationwide an additional day. By law, D.C. holidays impact tax deadlines for everyone in the same way federal holidays do.
 
Hiring a trusted tax professional can be beneficial and provide helpful information and advice about the ever-changing tax code. Get ready today to file your 2016 tax return. Call Zink CPA to learn about requirements and resources to make your tax season less stressful.
 
The team at Zink CPA has been in Southwest Florida for over 35 years dedicating quality accounting services and year-round tax advice to corporations and individuals. Call us today for your appointment at 239-936-1120 or email accounting@zinkcpa.com. We look forward to hearing from you.