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Tax Tips

Tax Tips With Ketel Thorstenson

 Tax Tips are brought to you by Ketel Thorstenson, CPA's with offices in Rapid City, Spearfish, and Custer. Professionals who specialize in tax return preparation and planning, audit services, accounting, and bookkeeping services, Quickbooks and more.

As always, check with your tax professionals at Ketel Thorstenson CPA's for these and other tax matters because each situation is different. Ketel Thorstenson is making sure you understand the tax implications of individual and business decisions before you make them. Find your tax professional at http://www.ktllp.com.

Tax Tip #8

Tune into 93.9 The Mix Monday, Wednesday, and Friday at 7:20 AM for Tax Tips from Ketel Thorstenson.

 

The deadline to file your 2016 individual tax return is fast approaching. If you have not filed your tax return, you may need to consider filing an extension prior to April 18th, 2017. An extension is a way to ask the Internal Revenue Service for an additional six months to prepare and file your tax return. However, an extension of time to file is not an extension of time to pay. Taxes due for 2016 still need to to be remitted to the IRS by April 18th, 2017 Payments of tax made after April 18th are subject to Penalties and Interest. If you fail to file an extension and file tour return after April 18th, 2017 late filing penalties will apply if you owe tax.


Tax Tip #7

Tune into 93.9 The Mix Monday, Wednesday, and Friday at 7:20 AM for Tax Tips from Ketel Thorstenson.

New for 2016! The IRS added a new classification for building remodeling costs.

Qualified improvement property is defined as any improvement to an interior portion of a building that is nonresidential real property as long as the improvement is placed in service after the building was first placed in service by any taxpayer.
There are a few other excluded expenditures. While this new classification of property is still depreciable over 39 years, it is eligible for 50% bonus depreciation if completed in 2016 or 2017. this is a great incentive to get remodeling projects that you have been putting off done today.

 


Tax Tip Feature F

Tune into 93.9 The Mix every Thursday at 7:20 AM during tax filing season Morning Animal Kevin Phillips will visit with one of the tax experts from Ketel Thorstenson and go in-depth on a different topic. Listen live or check back as we archive these tax tips right here at 939themix.com. 

This week we find out from Ketel Thorstenson CPA Kevin Sickels about Social Security.


Tax Tip #6

Tune into 93.9 The Mix Monday, Wednesday, and Friday at 7:20 AM for Tax Tips from Ketel Thorstenson.

There are four good reasons to direct deposit your income tax refund.
First is convenience, no need to make a special trip to the bank.
Second, security, there is no risk of a lost or stolen check.
Third, ease, just provide your bank routing and account number.
Fourth, options, you can split your refund amount up to three financial accounts or purchase Series I Bonds.


Tax Tip Feature E

Tune into 93.9 The Mix every Thursday at 7:20 AM during tax filing season Morning Animal Kevin Phillips will visit with one of the tax experts from Ketel Thorstenson and go in-depth on a different topic. Listen live or check back as we archive these tax tips right here at 939themix.com. 

This week we find out from Ketel Thorstenson CPA Kevin Sickels about age limits and mistakes.


Tax Tip #5

Tune into 93.9 The Mix Monday, Wednesday, and Friday at 7:20 AM for Tax Tips from Ketel Thorstenson.

A common question on taxes is about gifting. A gift of money or property is not deductible on your tax return nor does the recipient report the gift as income. For 2017 the annual gift exclusion is $14,000 per person. A gift consisting of a direct payment to providers for medical and education expenses does not count toward the annual gift tax exclusion limit.


Tax Expert Feature D

Tune into 93.9 The Mix every Thursday at 7:20 AM during tax filing season Morning Animal Kevin Phillips will visit with one of the tax experts from Ketel Thorstenson and go in-depth on a different topic. Listen live or check back as we archive these tax tips right here at 939themix.com. 

This week we find out from Ketel Thorstenson CPA Kevin Sickels about what to bring to your tax appointment.


Tax Tip #4

Tune into 93.9 The Mix Monday, Wednesday, and Friday at 7:20 AM for Tax Tips from Ketel Thorstenson.

Everyone must choose a filing status when preparing their tax return. A common mistake is to file as single rather than head of household. Head of household status provides expanded tax brackets and a higher standard deduction than the single filing status. Normally we assume that only single parents can file as head of household, however, you can also file as head of household if you pay for over 1/2 the cost of providing a parent a home. Parents do not even need to live with you to take this tax break but you do need to claim them as a dependent. There are other filing status rules. Make sure you claim the correct filing status in order to receive the best tax benefits possible. 


Tax Expert Feature C

Tune into 93.9 The Mix every Thursday at 7:20 AM during tax filing season Morning Animal Kevin Phillips will visit with one of the tax experts from Ketel Thorstenson and go in-depth on a different topic. Listen live or check back as we archive these tax tips right here at 939themix.com. 

This week we find out from Ketel Thorstenson CPA Kevin Sickels about how many years we should keep our tax returns, bank statements, and other documents.


Tax Tip 3

Tune into 93.9 The Mix Monday, Wednesday, and Friday at 7:20 AM for Tax Tips from Ketel Thorstenson.

Under the Affordable Care Act (aka Obamacare) there is a requirement when you file your 2016 Income Tax Return to disclose whether or not you and your dependents were covered by qualifying health insurance during all 12 months of 2016.  If you did not have coverage for any period during the year you will be subject to a penalty unless you qualify for an exemption. This penalty varies depending on your particular situation but is calculated as the greater of $695 per person or 2.5% of your household income. Make sure that your tax return includes the correct information related to your health insurance coverage.

 


Tax Expert Feature B

Tune into 93.9 The Mix every Thursday at 7:20 AM during tax filing season Morning Animal Kevin Phillips will visit with one of the tax experts from Ketel Thorstenson and go in-depth on a different topic. Listen live or check back as we archive these tax tips right here at 939themix.com. 

This week we find out from Ketel Thorstenson CPA Kevin Sickels about finding the right CPA for your taxes.


Tax Tip 2

Tune into 93.9 The Mix Monday, Wednesday, and Friday at 7:20 AM for Tax Tips from Ketel Thorstenson.

Under the Affordable Care Act (AKA Obamacare) there are forms that you will be receiving related to your health insurance coverage.
If you have health insurance through The Exchange, you will receive a form 1095-A.
If you have group health insurance through your employer, you will receive a form 1095-B.
If you are employed by a company that has 50 or more full-time equivalent employees, you will receive a form 1095-C.
The IRS recently provided an extension for these forms, you may not receive them until early March.
However, the IRS has stated that you can file your 2016 tax return without these forms as long as you provide accurate information about your health insurance coverage.


Tax Expert Feature A

Tune into 93.9 The Mix every Thursday at 7:20 AM during tax filing season Morning Animal Kevin Phillips will visit with one of the tax experts from Ketel Thorstenson and go in-depth on a different topic. Listen live or check back as we archive these tax tips right here at 939themix.com. 

This week we find out from Ketel Thorstenson CPA Kevin Sickels if there are any changes regarding the Affordable Care Act, aka "Obamacare" for this tax filing season.


Tax Tip #1

Tune into 93.9 The Mix Monday, Wednesday, and Friday at 7:20 AM for Tax Tips from Ketel Thorstenson.

Last year the IRS accelerated the due dates for businesses to file form W-2s and forms 1099-Misc. These forms now have to be e-filed with their respective agencies no later than January 31, 2017. If a business files the forms in February, they could be subject to a $100 penalty. If you willfully disregard filing, the penalty jumps to $500 per form. This is an easy penalty to avoid by just filling the forms in January.

 


 

 


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