Filing returns deadline 17th April 2018

Posted on 22/03/2018

Why file your tax returns ASAP?

The tax filing season has opened up to individuals. The Internal Revenue Services has shifted the deadline for tax filing to April 17, 2018. The filing deadline was extended by two days (usually, it is April 15 every year) because 15 April 2018 falls on a Sunday. The 16th is observed as Emancipation Day, a holiday in Washington D.C. Just like any other Federal holidays, Washington holidays have an impact on the deadline for filing of tax returns. Tax filers must regularly check with the IRS website for latest updates.

tax returns 2018

The IRS had announced Jan 29th as the official day of the start of tax season 2018. A projection indicates that 155 million tax returns will be filed for the financial 2017. 70% are expected to receive a refund. Though the IRS hasn’t promised a refund date, it is anticipated that more than 90% of the tax submitted will receive the refunds within 21 days. It is apparent that the sooner you file your tax returns, the sooner you are going to be refunded.

Why do we keep saying, earlier the better? Tax filing can be very time consuming if you don’t have the right documents and details for filing. Getting ready for filing is a tedious process. Gather all information on income statements and receipts for filing Form W-2 and Forms 1099. Itemized record of health insurance, job expenses records, charitable donation record and details on personal information.

  1. Support appropriate documents for every expense and income must be  by .
  2. Make certain that you procure the W-2 from your employer well in advance.

Let’s discuss the reasons why we need to get our act together to file early returns.

Larger refunds for early filers

Data provided by the IRS reveals that early bird taxpayers enjoy a larger refund amount when compared to the others who file in later. The other reason is to ensure you are eligible for the claims on all deductions.  It goes without saying that itemizing your deductions can get you larger refunds, though the documentation for the same is time-consuming.

You don’t need to cut back on your resources to rush into an early filing, rather find an expert tax returns Preparer to make the filing right on time.

Hassle-free filing of returns

Whether you file your tax returns on your own or engage a pro, fix your own deadline well ahead of the April deadline. Feel relaxed and satisfied with the thought that your taxes for the year is taken care of while everyone you know is rushing to get it done.

Refunds protected from identity thefts

The early tax filing may not ensure identity theft using your Social Security Number, but it makes certain you get refunds on time.

Early filing allows time to make payment plans

Once the tax returns for 2017 is completed, the estimated tax to be paid will be determined by the filer or his tax expert. Now, you have more time on hand to get the money ready instead of breaking into some emergency fund. So, to buy time and get it paid, you have to assess your taxes, prepare all the relevant forms and documents well before the deadline – 17 April 2018.

Easy accessibility to tax professionals

Closer to the deadline, tax filers who are procrastinators would find it difficult to get a good tax professional as they will be busy doing crunch time this season. As a matter of fact, the tax deadline is getting closer, it’s high time you fix an appointment with your  tax expert.

Added to all the issues mentioned, tax professionals may tend to charge more when there is less time for assessment. Start today! Call our tax advisor to whom you can entrust your filing for maximum tax deductions.

Topics: Taxation

How Ready Are You For The Tax Ready?

Posted on 25/02/2017

Have you started your tax prep for your small business yet? It’s about time you started prepping and it’s not very late to hire a tax preparer to help you out with it. There can be umpteen questions to start like who can be your my preparer? Am I choosing the right person? Can I still prepare taxes on time? So on and so forth. Before you think through all these, if you think that you can’t file your returns on time, do not have inhibitions in applying for an extension using Form 4868. For all you know, an accountant at this point in time may not have time to accommodate you on board; so it is good to know the list of papers you will need for your tax preparation.

Tax time

Use the simple guide below to start prepping for your tax returns, and if you have started already using the guide to check if you have everything intact:

  1. Completed check book statements, bank account details, savings account details, cash on hand, credit details, and any other banking details
  2. Credit record should include the business loan that is outstanding, credit card statements, any vendor credits.
  3. List your receivables- you will need to have an e-list of the account receivables. Reports can be generated easily if you are using software like QuickBooks. If you find it hard to organize this, you can bring together all your physical invoices, cash drawer receipts, other receipts, and any other paper bills you have and have an accountant organize things for you.
  4. Include the entire inventory such an inventory amount in the beginning, total at the end of the year, and inventory which includes personal use, damage, and spoilage.
  5. Expenses- Again, expenses have to be e-listed. Fret not if you do have your e-list. It is perfectly okay to have a box of papers and receipts and you are not the only one to carry all your expenses physically. Hire an accountant who can help you organize everything for you.
  6. Keep track of the paid employee wages, such as forms W-2, W-3, MISC-1099 and 940.
  7. Insurance- your business insurance costs, fringe benefits, and let’s not forget the health insurance costs everything should be included. Ensure that you have calculated the premium dollars that is if you are paying your and your employees health insurance costs.

Should you have any questions or need assistance with tax preparation, contact Joyce @ +1-516-717-2049 and free yourself.

Topics: Financial Reporting , Outsourcing Accounting , Taxation

Tax Tips For Small Business Owners

Posted on 25/01/2017

Find out what you can and what you cannot deduct..

New Year 2017 has just begun. It does not only mean a new beginning; it also marks the Tax Tips For Small Business Owners season. It’s about time you started prepping your files. We know at this point in time you will be handling plethora of papers and bills. It can get over the top to handle both business bills as well as personal ones. You might also be simultaneously wondering what can get you some savings through tax deductions and what can’t?

tax preparation services

  1. Office at home

Many small business owners out there do not claim their “home office” deductions, for they fear the auditing involved. This fear should not cease you from claiming what is legitimate. Ensure that you have all the supporting papers, and you are able to prove that all the expenditure mentioned are for your business and you will do just fine. Everything you need to know about home offices:

  • Ensure that you have a distinct office area besides the living area and the office space is not used for personal stuff.
  • Owning and claiming only one computer that you have at home as your business computer can be very difficult. Either don’t claim the computer as a business property or don’t place it in the office area.
  • Calculate what percentage of the home area goes to office space and claim the rent & other bills in the said area and nothing more.
  1. Purchase of technology

Striving and thriving businesses need to stay up-to-date with the contemporary tools and technology pertaining to the business. Section 179 under the tax code allows you tax exempt on gadgets like printers, computers, and up to some amount business vehicles are tax exempt. Not only gadgets, software and subscriptions to articles, newsletters, etc. Pertaining to your business also give you the tax exemption. All you need to do is know the amount that can be deducted as it changes yearly. Therefore, do not hesitate to invest in the technology you need for your business.

  1. Cost of travelling

Some small businesses involve a lot of travelling which means a lot of expenses. Since this travelling is required for the business expansion, one cannot avoid that. Little do people know that this travelling expense is tax deductible. This exemption writes off the expenses including airfare, hotel, car rentals and mileage, other expenses like laundry, and fifty percent of the food costs. Bear these points in mind before adding your travelling expenses for deduction:

  • You can always take your family on your business trip, but only the business related travel and other costs can be deducted.
  • You get a 50% deduction for meals you treat your clients. Just ensure that you name the bill, so it doesn’t get lost among your sea of other personal bills.
  • Tax deductions also include conference fees as long as they are useful for your business directly. Note that conferences that yields a side income, lectures, and other events that are based on entertainment will not qualify for tax deductions.

Call Joyce @ +1-516-717-2049 to explore more about tax tips, tax preparation, bookkeeping and accounting assistance.

Topics: Accounting , Taxation

Things You Need To Do To Have A Stress-Free Tax Season

Posted on 09/12/2016

New Year is around the corner; and in a jiffy, your tax season will be here too!

All you need is a little knowledge and preparation to stay calm and composed when you file for the taxes next year. Whether you are electronically filing your returns or traditionally mailing your paper returns, below are the necessary information that you need to know.




Collect all your records well in advance: Do not start filing your return until you have all the necessary papers in hand, which include:

  1. Tax Identification Number or Social Security Number: you must have this number for everybody mentioned in your return.
  2. Salary/ income statements: Collect all the salary or income certificates before you start filing.
  3. Routing numbers: have this 9 digit code right on hand if you would like a direct deposit of the refund.

See what’s changed this year: The Department of Revenue time and again amends the tax rules. Avoid any undesired surprises. Take a look if there’s any changes for this year’s tax filing.

Think about e-filing: it is always best to go e-filing, that is if you qualify. E-fling is highly recommended by the DOR as the processing is much quicker and this means you can also get your refund quicker.



If you go for mailing your tax papers, it often gets you confused on where to start and how to proceed. Below are some of the most important documents you need:

  1. Personal income tax return
  2. Business expenses and additional income
  3. Fiduciary income tax return
  4. Healthcare proof
  5. Capital loss and gain, dividends and interests
  6. Senior tax credit
  7. Royalties & real estate rentals
  8. Use of Tax exemption
  9. Sale of motor vehicles
  10. Amendments after filing.



We know it sometimes becomes hard to file your tax returns before the deadline. Fret not! You can very well get an extension of 6 months. To do so, you can either choose electronic options or make use of one of the two forms given below:

  • Individual resident or nonresident- if you are an individual use Form-4868
  • Partnership or Fiduciary- if you are in a partnership, use Form- 8736


*Condition: If you wish to get an extension, you must qualify for the same. That is, you need to pay any tax that you already owe the government.



If you choose to mail a paper return or make a payment, you must be careful to which address you send them out to. For, the addresses depend on the forms itself.

Call Joyce @ +1-516-717-2049 to have a stress-free tax period.

Topics: Taxation

Searching for ways to save some TAX?

Posted on 01/12/2016


Have you ever wondered about this? And then thought Super contributions could be the best way to start saving more for retirement rather than paying the humongous amount of tax.

If you have not, think now! For, Super gives you incredible tax benefits.

At some point in time, everyone would ask this one question to their accountant which is “How can I save tax?” And the practiced response they get is “Have you ever considered Super contributions?”


Super contributions and Tax benefits:

Super contributions provide you with some uber-cool tax benefits and the best part is your wealth remains undiminished. All you are doing with the super contribution is that you are diverting some of your capital to a super system where it is considered as an investment which can be enjoyed when you retire. Simply put, this contributed sum remains yours rather than the governments.

What exactly is your tax benefit?

Let’s say $200,000 is your income per annum, and you are contributing $10,000 for your personal tax or super contribution.

Have a look at the table below to find the difference between the two:


You contribute : 39% You contribute : 15%
39% of $10,000 : $3,900 15% of 10,000 : $1500
You pay : $3,900 You pay : $1,500
You get : $6,100 You get : $8,500


Difference amount: $2,400.

You can invest the same in your super funds and guess what; the benefits yielded by this investment in future will also be taxed at the rate of 15%. This is way lesser than the non-super investments.

Are there any downsides to this?

Yes, there is. There’s one element which could be a major pitfall to super contributions which is the inaccessibility to super funds until the release conditions are met. Mostly, this condition of release can be met when one reaches the preservation age which is 55. For young people, the dilemma in choosing either super investments or personal tax can be quite annoying.

Are these tax benefits lucrative all the time?

Briefly put, no. These tax benefits are not applicable for everyone. For people with income below $18,200 will be worse as the 15% contributions are exponentially higher than the 0% personal tax. For people with income between $18,200 and $37,000 have only a slight difference between the contributions rate and the tax rates. For people with income over $180,000 have very good advantages of choosing super contributions over personal taxes.

Things to bear in mind:

You need to be watchful about the amount you invest in super contributions. You need to ensure that your investments do not exceed the concessional contributions cap to avoid any repercussions.

You also need to pay attention on where you make the investment. Check whether contributions go to funds that yield good returns and has reasonable fees. Bear in mind, a tax saving can be easily destroyed by the poor performance of the fund.

Ergo, it is always good to do a little research and get some professional guidance before you decide anything in this regard.

Call Joyce at +1-516-717-2049 to explore more about how Velan can help you.

Topics: Taxation