HAPPY HOLIDAY SEASON TO EVERYONE
Good news: At this time there are no major changes to worry about!!!!!!!!!!!!
OTHER ITEMS: ESTIMATED TAXES (Personal Taxes to IRS and State)
In the year 2018, to avoid late payment and filing penalty you must pay Estimated Taxes in this year in 2017 OR ATLEAST BY January 15, 2018. (If you owed money with your 2016 tax filings, it is possible that you owe money in 2017 also) Please call 215-745-2404 if you need assistance.
Things you should know:
- If you have a business, the due date for filing 2017 forms w2, and form 1099 (non-employee compensation in box 7) with respective agencies shall be January 31, 2015.
- Corporate and Partnership tax filing deadlines for 2017 is on March 15, 2018 and Individual taxes on April 17, 2018.
- Educational credits will not be allowed without payer form 1098T and payment receipts
- Affordable Care Act (Obama care): If have medical insurance via Obama Care, you will receive a form called 1095A. Please make sure you bring that along to prepare 2017 Taxes.
- Student loan interest deduction maximum $2500.00 (Phase-out: MFJ- $135,000-$65,000.00, Single $65,000.00-$80,000.00
- Foreign Bank Accounts and other Assets: FBAR filing and FACTA reporting is done along with the tax return filings. (deadline- April 17, 2018) Additional fees are needed for these extra services
- All corporate source documents (Bank statements and cancelled checks, credit card statement, Cash payment receipts, payroll reports etc must be received by January 31, 2018 for a timely preparation of accurate tax returns. You can email us all documents.
- Social security recipients: No limit on earnings at full retirement age (66), Under retirement age, $1 in benefits will be deducted for each $2 you earn above $16,920.00
OFFICE LOCATION AND HOURS:
Philadelphia Office: 1922 Cottman Ave, Philadelphia, PA 19111. Monday to Saturday 09:30 AM to 8:00 PM, and two Sundays, Jan 28, 2018, April 15, 2018 from 2:00 PM to 6:00 P.M.
Maryland visit: Will be visiting Maryland clients on Sunday February 11, 2018
Malvern Office: Executive Office Link, 5 Great Valley Parkway, Suite 210, Malvern, PA-19355 On Sundays: starting on February 18th Sunday to April 8th Sunday (No business taxes will be prepared at this location. You can of course drop off source documents and pick up the following Sunday. All clients will receive electronic copy within a reasonable time)
CONTACT NUMBERS: 215-745-2404 FAX NUMBER 215-742-4142
FOR INHOUSE TAX PREPARATION: APPOINTMENT IS NEEDED. YOU CAN EMAIL YOUR INFORMATION BEFORE YOU COME IN. TO DROP OFF TO EITHER LOCATION YOU DO NOT NEED ANY APPOINTMENT
THANK YOU FOR YOUR PATRONAGE! HAVE A HAPPY AND PROSPEROUS NEW YEAR!
George Mathew, CPA & Associate