Miranda & Associates, CPAs

Looking forward to seeing our VALUED clients tonight! Don't forget to enter in our drawing for a 2016 FREE Individual Tax Return!

Happy Halloween from Miranda & Associates, CPAs!

It's ALL about our fabulous clients... Come join us!!

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The Internal Revenue Service will be making some changes in the due dates next year for several types of business tax returns. Partnership and S Corporation tax returns will be due March 15 instead of April 15. If the partnership isn’t on a calendar year basis, the return is due on the 15th day of the third month following the end of the tax year. C corporation tax returns will be due April 15 instead of March 15. Partnerships and C corporations are basically switching places.

Not having health insurance will cost you. More. Under Obamacare guidelines, individuals are required to pay a fine for any month they, their spouses, or tax dependents don’t have health insurance that meets the minimum coverage requirements. The penalty amount is calculated as either a percentage of household income or individually -- whichever is higher -- and has jumped from $285 per person in 2014 to $2,085 per person in 2016.

2016 Change: Proving education tax break eligibility Do you depend on federal tax breaks to help pay for your higher education? Starting with the 2016 tax year, you'll have to prove you're actually in class. A provision in trade legislation enacted in 2015 requires taxpayers to have in hand Form 1098-T to claim any educational tax benefits.... This statement, which is sent by schools to students and copied to the IRS, verifies that you paid what the IRS calls "qualified educational expenses" in the preceding tax year. These include tuition, any fees that are required for enrollment and required course materials. If you don't get this official verification, you cannot claim the American opportunity or lifetime learning tax credits or the tuition and fees deduction. This reporting requirement was made after the Treasury inspector general for tax administration audits found that in 2011 and 2012, the IRS allowed billions of dollars in education tax credits for ineligible students. If you're planning to claim them on the 2016 return you'll file in 2017, make sure you get your 1098-T first, or you won't get the education tax break.

https://youtu.be/0y5z0kWgBcM IRS Warning About Phone Scams If you owe taxes, the IRS will first contact you by mail, not by telephone.... The IRS never asks for credit card, debit card, or prepaid card information over the phone. The IRS never insists that you must pay your taxes using a specific payment method. The IRS never demands immediate payment over the phone and does not take enforcement action directly after a phone conversation. Taxpayers are usually given prior notice of IRS enforcement action regarding tax liens or tax levies.

Did you know that Miranda & Associates is moving today?! Our new address is conveniently located across the street! 27450 Ynez Rd Suite 228... Temecula, CA 92591 Feel free to stop by and see the new place!