This Special Tax Season edition of our newsletter contains a list of many articles written by BNN professionals and other tips that are specific to tax season. We are assembling another edition of the BNN Briefing to be released in just a few weeks that will deliver all-new content. In the meantime, we hope you find the tips below helpful as the April 15 deadline rapidly approaches.
Homeowners
- Deducting home office costs
- Is the sale of my home taxable?
- Casualty losses – deducting costs of damage to your property
Generosity
- Contributions to charity - a cancelled check is not sufficient documentation
- Noncash donations to charity – when is an appraisal needed?
- Gifts to family & friends – how to document non-reportable gifts
Families
(kids are expensive but they generate tax breaks!)- "Kiddie Tax" rules - your child's income may be taxed at YOUR rates!
- Tax breaks for education costs – general rules
- Tax breaks for education costs – more details and planning tips for two credits
Deadlines
- Extensions are common – do not fear them!
- Many filing deadlines have changed – effective this year.
Other
- How long do I keep my tax records?
- How do I notify the IRS of my address change?
- Hobby loss expenses vs. true business deductions
Tax Snacks
In this volume of tax snacks:
Note: The filing deadlines for several forms have changed, effective this filing season. The most commonly-encountered forms affected by this change undergo a swap in the deadlines between Forms 1120 and 1065 (C-corporations vs. partnerships/LLCS).
Use it or lose it! – Time is running out for prior year refunds
File a return by April 15 – even if you cannot pay your tax
The Internal Revenue Code trumps Trump (ACA reporting on 2016 tax returns)
In case you missed it...
The following newsletters and alerts were published by BNN since our last Briefing.
ASU 2014-09, Revenue from Contracts with Customers - Implementation Issues for Health Care Entities (Healthcare Alert)
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
