We know that a few months may be a long time but personal tax return filing and paying taxes are due on April 15th, so it’s important to start gathering documentation and getting yourself organized. After all, you know what you accomplished and this time of year lets you take a view of what you’ve done!
Here are some answers to some Frequently Asked Questions:
- Can I file my taxes after April 15th? – Yes, but you need to let the IRS know that you will be late. The penalties and interest don’t go away, but you are given a small grace period to get everything done. If you have all of the information at your fingertips, why pay the penalties in the first place? You still have time to get all your information together and if you need some guidance, we can give you a hand. Give us a call at MiklosCPA and we’ll help file the extension for you.
- I’m missing my W-2 forms. What now? – Talk to your HR department or our employer about obtaining a copy. If they are not able to give one to you, the IRS may already have it on their system. It may be just a quick phone call to get it replaced.
- Can I still make IRA contributions? – Yes, you can still make Traditional and ROTH IRA contributions up until April 15th.
- Is there an age limit on claiming my child as a dependent? – Generally, your child has be to be younger than 19 years old, or if your child attends a school, they should be younger than 24 years old.
- I heard about the Flexible Spending Plan rollover, where my company is supposed to rollover $500 of my FSA plan to the next business year if I did not use it up. – Did that happen in 2016? Possibly. The rollover may apply to your 2016 plan. We recommend contacting your human resources department in your company to discuss this in more detail.
- I am currently going to school and want to claim my tuition. How do I proceed? – It depends on a few things. The IRS rules around this particular issue can be a bit complex. A lot of what you can and cannot claim relates to whether or not you are currently employed, and if the schooling goes towards it. If it doesn’t, there are one set of tax credits. If it does, you may be entitled to claiming more. We recommend looking at the IRS article Tax Benefits for Education.
At MiklosCPA, our California-based CPA firm can help you e-file your personal taxes earlier so you can get this done and off your list! Plus, if you have a refund, why wait to get your money? Contact us today and we can provide you with a free tax organizer to get you started!
Additionally, give MiklosCPA a call if you wish to discuss your particular circumstances!