March 2016 Tax Tips, Updates and More

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
  • 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:

Gerry Brin Completes 31st Annual Ski Trip for Leukemia Research Foundation

Wb member emeritus Gerry Brin led the 31st annual Ski for Research to rais funds for Leukemia Research Foundation Weltman Bernfield member emeritus Gerry Brin recently completed the 31st Annual Ski for Research, which benefits the Leukemia Research Foundation. With 22 skiers participating this year, Ski for Research raised about $25,000 for the Foundation.

Gerry has organized and led the trip from its inception in 1986. The event honors the memory of Gerry’s nephew, Alan, who succumbed to the disease in 1978 at the age of 10.

Learn more in this article on Gerry and Ski for Research when funds reached $1 million.

IRS Issues Standard Mileage Rates

The IRS has announced the standard mileage rates that may be used in 2016 instead of deducting actual expenses. The new rates, which have decreased or stayed the same, are as follows:

  • For business driving, the rate is 54 cents per business mile (it was 57.5 cents in 2015).
  • For medical and moving expenses, the rate is 19 cents per mile (it was 23 cents in 2015).
  • For charitable travel, the rate is 14 cents per mile (the same as in 2015).

Note that you can add related tolls and parking fees to these flat, IRS-approved rates. For more information, visit


February Tax Tips, Updates and More

February 2016 General Client Newsletter

Our busy season is in full-swing. Tax organizers were sent out to all of our 1040 clients in January. If you haven’t received yours, please let us know. Do you use our online portal to send your information to us? If you have questions on how to access or complete it, check out our tutorials at

In this month’s issue:

What QuickBooks’ Calendar Can Do for You

February 2016 QuickBooks® Newsletter

QBC newsletter logoYet another calendar? Yes. It’s a good idea to use QuickBooks’ calendar to stay on top of your financial transactions.

These days, some of us find ourselves updating multiple calendars. There’s the Outlook calendar or other web-based solution for scheduling and task management. Maybe a smartphone app to track to-do’s on the road, and a paper calendar as backup.

But where do you keep track of your everyday financial tasks? Including these in your scheduling calendars and/or task lists will make for very crowded screens, not to mention how inconvenient it can be to keep switching between applications. Continue reading