Things You Should Know
Our new office is located at: 2014 Industrial Drive, behind the Annapolis Mall.
Business Owners – Don’t Forget…
- W-2 adjustments – need to be made before 12/31! (Personal use of business vehicles, health insurance for S corp owners and HSA contributions are a few of the most common.)
- Inventory – you’re required to do a physical count of your ending inventory at year end
- W-2s and 1099s are now due January 31 (instead of March 31). Penalties for filing late are much stiffer and they’re being enforced.
Want Us to Do Your Taxes?
We’re happy to take your information electronically. We suggest using the secure portal we set up for you as opposed to email or fax, which aren’t secure. Or you can mail in or drop off your documents if you prefer. (Sorry – we don’t have a mail slot at our new office.)
We need your business tax info by February 15th and your personal info by March 15th if you’d like to file before the regular due date.
Tax Due Dates
S Corp and Partnership returns: March 15 (September 15 w/ extension)
C Corp returns: April 15 (September 15 w/ extension)
Individual returns: April 15 (October 15 w/ extension)
HRA – Health Reimbursement Arrangements Are Now OK Again
Beginning 1/1/2017, employers can reimburse employees for health insurance premiums and out of pocket medical expenses up to $10,000 per family or $4950 per individual. There are a lot of restrictions, though. For instance, it doesn’t work if the employee chooses not to participate in the employer sponsored group plan.
2017 Key Numbers
For standard mileage rates, retirement limits and HSA limits, click here.
Research and Development Tax Break
Small businesses can now (beginning with tax year 2016) opt to claim $250,000 of R&D costs to offset payroll taxes instead of their regular income tax liability. The election is available to companies in business for five years or less that have gross receipts under $5 million.