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Third Quarter Estimated Taxes

As the Third Quarter of 2017 winds to a close, estimated taxes are due.  If you are required to pay estimated taxes you will find pre-addressed envelopes and vouchers with the amounts due in the tax return packet we gave you. 


Please make sure that your payments are mailed by September 15th. 


If we keep your envelopes and vouchers here in our office, please make sure you stop by before September 15th so that we may mail out your checks by the deadline.

As always, we are here to answer any questions you may have. 

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Second Quarter Estimates

As the Second Quarter of 2017 winds to a close, estimated taxes are due.  In the tax return packet we gave you, we provided pre-addressed envelopes and vouchers with the amounts due.  Please make sure that your payments are mailed by June 15th.  If we keep your envelopes and vouchers here in our office, please make sure you stop by before June 15th so that we may mail out your checks by the deadline.

As always, we are here to answer any questions you may have.

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Post Tax Season – We Did It!

We survived yet another tax season at MJW EA & Company.  I, personally, continue to consider it an honor that you have chosen to work with our team and I am humbled by the trust and confidence you have placed in us.  Thank you.

Listed below are several of the recurring questions that come up during tax season. These can be complicated issues that could benefit you if put in place before tax season. If you think any of these (or other) issues could be important to you, we encourage you to bring them up for discussion before we get into the next tax season:

  • Contributing to a traditional IRA may or may not benefit you, but is not always allowable and/or deductible; much the same is true for contributions to a Roth IRA.
  • If limits to and criteria for HSA contributions and distributions are not followed carefully, there could be tax and penalty consequences; the same is true for 529 disbursements.
  • Estimated tax payment rules are complicated and can also result in penalties and interest charges if not followed carefully.
  • Which way to go – SEP or 401k?

If you want to dig deeper into these or other topics, the summer or fall would be a good time to set up an appointment, discuss further, and do some planning.   It is best to address these before year-end so that you can implement the timely beneficial strategies.  During tax season, we cannot devote the time these topics deserve, nor would implementing them at that point help you.

The Trump administration is promising a sweeping tax overhaul. We will pay attention and pass along information on changes we think may affect your future taxes.

You may have noticed a colorful card in your tax packet this year.  It asks questions that could be financially and personally important to you.  Take a few minutes and answer the questions as best you can.  If you need any guidance, we will help where we can and can recommend specialists where appropriate.

Thank you for the opportunity to work with you for another year – our clients really are what makes our work special.

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Tax Season is Here!

As we are getting geared up for the 2017 Tax Season, we wanted to remind our client of a few key points:

  • 1098 (education) and 1095 (health) forms are required and necessary to file your tax returns this year. If you do not have these forms yet (and most can be found online), we will be unable to complete the return.
  • If you are receiving a 1095A (health care insurance coverage form from the marketplace), please review the form to ensure that what that form reports is what you actually paid for your premiums. It is very important that these numbers are correct as they are reported on your return and go toward determining your tax liability.
  • In order to ensure that every single one of our clients gets the time and attention you deserve, please call ahead of coming in to the office. As you are aware, we welcome visits from our clients!  During tax season, however, unless you are just dropping off taxes, we would ask that you schedule an appointment – even if it’s for fifteen minutes of going over something with one of our tax professionals – so we make sure you have undivided attention.

As always, we are happy to help with any questions you may have and here’s to a great tax season!

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Some 2017 Refunds Will be Delayed

A new Federal tax law may affect some refunds filed in early 2017.  Specifically, for those taxpayers who file early and who have the Earned Income Tax Credit and/or Additional Child Tax Credit.

The Internal Revenue Service has announced initial plans for processing tax returns involving the Earned Income Tax Credit and Additional Child Tax Credit during the opening weeks of the 2017 filing season.  Due to fraud and identity theft, the IRS will be spending more review time and instituting more safeguards to protect taxpayers from theft and fraud fallout.

This action is also driven in part by the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) that was enacted Dec. 18, 2015, and made several changes to the tax law to benefit taxpayers and their families.  Section 201 of this new law mandates that “no credit or refund for an overpayment for a taxable year shall be made to a taxpayer before Feb. 15 if the taxpayer claimed the Earned Income Tax Credit or Additional Child Tax Credit on the return.”

This change begins Januray 1, 2017, and may affect some returns filed early in 2017. The basics are listed below:

  • To comply with the law, the IRS will hold the refunds on EITC and ACTC-related returns until Feb. 15th to help prevent revenue lost due to identity theft and refund fraud related to fabricated wages and withholdings.
  • The IRS will hold the entire refund. Under the new law, the IRS cannot release the part of the refund that is not associated with the EITC and ACTC.
  • Taxpayers should file as they normally do, and tax return preparers should also submit returns as they normally do.
  • The IRS will begin accepting and processing tax returns once the filing season begins, as we do every year. That will not change.
  • The IRS still expects to issue most refunds in less than 21 days, though IRS will hold refunds for EITC and ACTC-related tax returns filed early in 2017 until Feb. 15 and then begin issuing them.

Another option for taxpayers is to adjust their W4 now for the remainder of 2016; this will allow more take home pay and less of a refund.  For assistance, please do not hesitate to call our office.

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Third Quarter Estimated Taxes

As the Third Quarter of 2017 winds to a close, estimated taxes are due.  If you are required to pay estimated taxes you will find pre-addressed envelopes and vouchers with the amounts due in the tax return packet we gave you.  Please make sure that your payments are mailed by September 15th.  If we keep […]