March 2016 General Client Newsletter
Tax Season Reminders:
- Let us know as soon as possible if you need to file an extension. If you don’t think you can meet the deadline for filing, an extension gives you six more months to file without incurring late-filing penalties. March 15 is the deadline for filing corporate tax returns or extensions. April 18 is the government deadline this year for individual tax returns or extensions; however, we at WB are holding to the April 15 deadline. When filing an extension, you must make a reasonable estimate and pay any outstanding amount when you submit the extension form; otherwise, you could end up owing late-payment penalty charges.
- Contribute to your retirement accounts. You have until April 18, 2016, to contribute to your traditional or Roth IRA for 2015. The maximum IRA contribution for 2015 is $5,500 ($6,500 if you were age 50 or older by the end of 2015). Your traditional IRA contributions may be tax-deductible; however, the deduction may be limited if you or your spouse participate in a retirement plan at work and your income exceeds certain levels. Contact your tax advisor if you have questions about eligibility, or visit www.irs.gov.
- Evaluate your situation for 2016. This is a good time to evaluate your financial situation and investment options. Set up an appointment with your tax advisor to discuss how you can minimize your exposure in 2016.
- And if you need help logging into or completing your tax organizer through our web portal, check out our online tutorials.
In this month’s issue: