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  2016 Tax Year Changes

If you are going to be eligible to start receiving Social Security benefits, contact the Social Security Administration 3 months before your eligibility date. You may do so by calling 1-800-772-1213 or reduce processing time by applying online at www.ssa.gov. Click on “Online Services”, then “Apply for Benefits”.

YOUR TAX DEDUCTIONS

  • The standard deduction for 2016 for a married couple filing a joint return is at $12,600; Single, $6,300; Head of Household, $9,300.

  • The personal exemption for 2015 is $4,050.

  • The reimbursement for Business mileage for 2016 is 54 cents. Medical mileage is 19 cents for 2016. The mileage rate for charity is still 14 cents for 2016.

  • The meal rate for truck drivers is $59 a day for 2016. Per diem rates may have changed depending on the area in which you have traveled.


HIGHLIGHTS FOR 2016

1. AFFORDABLE CARE ACT

The Affordable Care Act will again impact the preparation of your 2016 taxes. 2016 continues the requirement that all nonexempt individuals must have minimum essential health care coverage (health insurance) or be subject to a penalty. If you purchased insurance from the marketplace in 2016 you will receive a Form 1095A. We will require this form to complete your 2016 return. If you are covered by insurance not purchased through the marketplace you will receive a Form 1095B or 1095C. We will require these forms to complete your 2016 return.

2. PREMIUM TAX CREDIT

Individuals that were not eligible for employer health insurance, that meet certain income limits and purchased their health care coverage through a marketplace are eligible for the Premium Tax Credit. An individual may have received an advanced payment of the credit during the year towards the health insurance premium. The credit is calculated on your 2016 return based on the taxpayer’s actual 2016 income. Form 1095A is required to calculate the credit

3. PENALTY FOR NON COVERAGE

The penalty for failure to have minimum essential Health Care Coverage is calculated as part of the 2016 Tax return. There are certain exemptions to the minimum coverage requirement. Some are granted by the marketplace others are based on the taxpayer’s household income. Your preparer can assist you in determining if you meet the income exemption. In order to do this we will need to know the income of any dependents claimed on your 2016 return, that was also required to file a tax return.

4. DUE DATE CHANGES

There is a new due date to file W-2 forms with the IRS and Social Security Administration. The information must be filed By January 31. This applies to paper and electronic filing. The W-2 still has to be furnished to the employee by January 31.

Form 1099 forms that have non employee compensation must also now be filed with the IRS by January 31. This change applies to information returns for 2016 filed in 2017. If we are filing your 1099’s and W2’s we will need your information by January 25th.

The Due date for Partnership Tax Returns is now March 15th. The same date for “S” Corporations. The due date for “C” Corporations is April 15th.

5. DELAYED REFUNDS IN 2017

The IRS will not give a refund or credit for tax returns that have claim the Earned Income Credit And or the Additional child tax credit before February 15th.

WHAT TO BRING TO YOUR TAX APPOINTMENT

1. Federal, state and local estimated payment vouchers.
2. W-2's, 1099's, SSA statement or business records if you are self-employed.
3. Social security cards for you, your spouse and dependents.
4. Date of birth for