Dennis Jacobs, An Accountancy Corporation

Important tax deadline update

Dear clients and friends Merry Christmas and Happy New Year

Saturday the June 18th is moving day! Our new address is : 16133 Ventura Blvd Suite 1080 Encino, Ca 91436 Phone numbers remain the same.

12 DAYS TO GO! We are moving to: 16133 Ventura Blvd Suite 1080 Encino, Ca 91436... (yes that is 16133 Ventura)

We are moving! As of June 18th the office address will be: 16166 Ventura Blvd. Suite 1080 Encino, Ca 91436

If you need help with an extension, please call me now. Remember that an extension is just to file the return. Any tax for 2015 is due on the normal filing date. This year that date is April 18th. Your extension should allow you to pay in enough to avoid penalties and interest later when the return is filed.

7 Smart Things To Do Before the End of the Year As we move into the final chapter of 2015, here are 7 things to consider before the ball drops in Time Square. Step back to look at the entire picture of your 2015 earnings. Be sure to include things like mandatory retirement plan distributions, one time items like the sale of real estate, stock options and other unusual items. Then consider if enough has been withheld or paid in to avoid underpayment penalties. Any additional ...state tax paid before the end of 2015 can be included in your itemized deductions for 2015. Evaluate your gain and lossesIf you have realized capital gains review your portfolio for losses that you can take now to offset the gains. Increase Retirement Contributions Consider making the maximum contribution to an IRA account. The limit for these deductions is $5,500 with an opportunity to contribute an additional $1000 if you are over age 50. For those of you who are self-employed now is the time to get a retirement plan in place for your business. We can determine how much to contribute later. Get health care coverage before December 15 in order to be covered for all of 2016. The penalty for not having coverage in 2016 jumps up to $695 per adult or 2.5% of income and $2085 per family or 2.5% of income. Donate generously Reduce your taxable income by using the charitable contribution on Schedule A. Find a cause that you are passionate about. You have heard me say it before, I like the Ventura Global Heath Project which provides funding for doctors who feel called to serve throughout the world. Also I like the Louisville High School Scholarship fund which helps give girls a chance to benefit from the college prep education Louisville offers in an all-girls setting. Section 179 Property Although not as generous as in prior years, there is still up to $25,000 available to be deducted for the purchase of new business property. If you need a truck or equipment for your business now is the time to get it. The items must be bought and put into use by December 31, 2015. As you know tax planning is a year round endeavor but there is still a chance to take advantage of these items. If you have any questions please call me. Happy Holidays and Happy New Year!

Thanksgiving card photo shoot today... If I can photograph a hyper dog and a moody cat I can handle any thing you bring me!

Deadline Approaches for Corporate Returns: March 16, 2015 is the deadline for filing corporate returns (including S corporations) If you need assistance getting an extension filed please call me.

Don't get scammed! Read this....

Important Tax Dates for 2015 There are many deadlines and due dates in the tax rules. Below are some of the major dates to keep in mind for 2015: : January 15, 2015: 4th Quarter 2014 Estimated Tax Payment Due Last opportunity to make a payment that could save you some under payment penalties for 2014. February 2, 2015: Distribute 1099’s and W-2’s as applicable ... March 16, 2015: 2014 Corporation Income Tax returns due and Tax Due. April 15, 2015: Individual Tax Returns Due for Tax Year 2014 Individual Tax Return Extension Form Due for Tax Year 2014 Partnership and LLC Income Tax Returns for 2014 1st Quarter 2015 Estimated Tax Payment Due June 15, 2015: 2nd Quarter 2015 Estimated Tax Payment Due for individuals and corporations. September 15, 2015: 3rd Quarter 2015 Estimated Tax Payment Due for individuals and corporations. Extended Due Date for 2014 Corporation Income Tax Returns Extended Due Date for 2014 Partnership and LLC Income Tax Returns (5 month extensions) October 15, 2015: Extended Due Date for 2014 Personal Income tax Returns Extended Due Date for 2014 Large Partnership and LLC Income Tax Returns (6 month extensions) December 15, 2015: 2015 Fourth Quarter Estimated Tax Payments Due for Corporations If you have questions about any of these dates or other due date concerns I invite you to call me.

Happy New Year! All the best in 2015

5 Smart Things To Do Before the End of the Year Tax planning is something that is best done over the course of the year. However as the old year wanes it is good to take a quick look at some last minute things to consider. Here are 5 topics that can still be put to use in these last days of 2014. Evaluate your gain and lossesIf you have realized capital gains review your portfolio for losses that you can take now to offset the gains. Keep in mind that gains and losses are... matched first by their nature (longs matched to longs an shorts to shorts). Realizing long term losses to offset long term gains can help ease the added bite of the 3.8% Medicare surtax that came in with the Affordable Care Act. But don’t lose sight of long term goals. Don’t make a short term tax decision in the last hours of the year at the expense of plans you have put in place for the long term unless it fits your situation. Increase Retirement Contributions For those that are not covered by a plan through your employer, consider making the maximum contribution to an IRA account. The limit for these deductions is $5,500 with an opportunity to contribute an additional $1000 if you are over age 50. Fully Utilize FSA - Ensure that you use up all the money in your Flexible Spending Account as it expires year end. Think about an extra teeth cleaning or an extra pair of prescription glasses or prescription sun glasses. Get an appointment now. Donate generously Reduce your taxable income by using the charitable contribution on Schedule A. Find a cause that is dear to you. I personally like the Ventura Global Heath Project which provides funding for doctors who feel called to serve throughout the world. Another one I like is the Louisville High School Scholarship fund which helps give girls a chance to benefit from the college prep education Louisville offers in an all girls setting. If you don’t have extra cash, donate in kind. Take out old clothes and discarded children’s toys. It’s a great way to clean up the house too. Always get a dated receipt. An important note for higher income files is that the phase out of itemized deductions is back in 2014. Section 179 Property With the last minute law that funded the government there were several tax provisions that were extended through the end of 2014. One of them is the section 179 deduction for the purchase of business property. If you need a truck or computers or furniture for your business now is the time to get it. The items must be bought and put into use by December 31, 2014. Section 179 allows for the full purchase price to be deducted up to $500,000. As I said tax planning is a year round endeavor but there is still a chance to take advantage of these items before the ball drops in Time Square. If you have any questions please call me. Happy New Year!

Merry Christmas and best wishes for a happy and prosperous new year to all of our clients and friends!