Richard A. Lindsey, CPA

Lindsey & Waldo, LLC – Certified Public Accountants

  • Sep 18

    For some reason, Congress just loves to cram things into highway spending bills.

    That’s exactly what happened with this update. H.R. 3236, popularly known as “The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015” (yes, that’s how these things are named) brought some tax-law-related changes.

    Regular individual tax returns are still due on April 15th — and a six month extension period is still available. But …

    * Partnership tax returns are due March 15, NOT April 15 as in the past. If your partnership isn’t on a calendar year, the return is due on the 15th day of the third month following the close of your tax year.

    * C corporation tax returns are due April 15, NOT March 15. For non-calendar years, it is due on the 15th day of the fourth month following the close of the tax year.

    * S corporation tax returns remain unchanged–they are still due March 15, or the third month following the close of the taxable year.

    The changes came about because, under the current due dates, information needed from a flow-through business, such as a partnership, is not available before the taxpayer’s income tax return is due; thus resulting in insufficient time for taxpayers and practitioners to prepare returns in a timely fashion.

  • Sep 4

    If you are one of the many unemployed Americans looking for work, you may be able to write off some of those expenses to find a job. There are a few hurdles, but you wouldn’t expect anything less from the IRS, would you?

    • You must be looking for work in the same field in which you were previously employed or self-employed.
    • This cannot be your first job.
    • You cannot have a large time gap between when you were laid off and when you start looking again. For example, you got fired and decided to take a few years off to be with your kids.
    • You must itemize deductions on your tax return and the expenses must be more than 2% of your adjusted gross income.

    Now that you have jumped those hurdles, what kinds of things can you write off?

    Deductible expenses include transportation costs incurred as part of the job search, including: mileage for driving, tolls, and parking fees. Also included are employment agency fees, costs of printing resumes, postage, and food and lodging if your search takes you away from home overnight. You can still deduct these items even if you haven’t found a job by year end! It is important to maintain good records of your expenses and be able to document the mileage. But if you have to be out looking for a new job, at least you can get a tax break.