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The Franklin Group & Paymaster Companies

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The Franklin Group & Paymaster Companies

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01/04/2018

2018 Filing Season

The IRS has announced that the 2018 filing season starts on January 29th, 2018 with the deadline being April 17, 2018.

The IRS has also issued a reminder that refunds for returns claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) will be delayed. Refunds involving those credits are expected to be available starting February 27, 2018.

12/28/2017

Prepaid Property Taxes - Did You Know?

Prepaying 2018 state and local real property taxes in 2017 may be tax deductible only under certain circumstances.

Yesterday (12/27/2017), the IRS issued the following advisory:

"In general, whether a taxpayer is allowed a deduction for the prepayment of state or local real property taxes in 2017 depends on whether the taxpayer makes the payment in 2017 and the real property taxes are assessed prior to 2018. A prepayment of anticipated real property taxes that have not been assessed prior to 2018 are not deductible in 2017. State or local law determines whether and when a property tax is assessed, which is generally when the taxpayer becomes liable for the property tax imposed."

You can find the full IRS advisory (including two example scenarios) at https://www.irs.gov/newsroom/irs-advisory-prepaid-real-property-taxes-may-be-deductible-in-2017-if-assessed-and-paid-in-2017

12/20/2017

New W-2, W-3 and 1099-MISC Forms Deadline - Did You Know?

The Protecting Americans from Tax Hikes (PATH) Act, enacted last December, sets a new date of January 31st as the filing deadline for employers for the W-2, W-3 and certain 1099-MISC forms.

The extension procedure for Form W-2 has also changed in that only one 30-day extension is possible and this extension is not automatic. The IRS will only grant extensions for very specific reasons.

12/16/2017

2018 Mileage Rate Increase

Starting on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

- 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017.
- 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.
- 14 cents per mile driven in service of charitable organizations.

You also have the option of calculating the actual costs of using your vehicle rather than using the standard mileage rates.

12/14/2017

House and Senate Tax Bill Comparison

Congress is currently debating the largest tax bill in the last 30 years. Both the House and Senate have passed their own versions of the bill. Differences must now be reconciled, with the final piece of legislation voted on by both chambers and signed by the President before it becomes law.

See how the proposed House and Senate tax plans differ from each other and current tax law:
http://go.getnetset.com/house-and-senate-PDF.

12/12/2017

FINAL NOTICE: Healthcare Open Enrollment Deadline 12/15

This week is the last week to register for the HealthCare.gov open enrollment period with the deadline being Friday, December 15th, 2017. Once the Open Enrollment period is over, you will only be able to enroll if there's a qualifying life event for the Special Enrollment Period.

Enrollment can be done at https://Healthcare.gov, and a simple checklist of documents you'll need can be found here: https://marketplace.cms.gov/outreach-and-education/marketplace-application-checklist.pdf.

12/06/2017

Security and the W-2 Scam - Did You Know?

The IRS has warned business, payroll and human resources communities about an increasingly prevalent W-2 scam scheme. Criminals use this scam in an attempt to get access to W-2 forms and extract sensitive tax information that employers have about their employees.

Employees are usually the first targets. Below are five warning signs about the W-2 request scam to be on the lookout for:

- The thief poses as a company executive, school official or other leader in the organization.
- These scam emails often start with a simple greeting. It can be something like, “Hey, you in today?”
- The crook sends an email to one employee with payroll access. The sender requests a list of all employees and their W-2 forms. The thief may even specify the format in which they want the information.
- The thieves use many different subject lines. The criminal might use words like “review,” “manual review” or “request.” In some cases, the thief may send a follow up email asking for a wire transfer.
- Because payroll officials believe they are corresponding with an executive, it may take weeks for someone to realize a data theft occurred. The criminals usually try to use the information quickly, sometimes filing fraudulent tax returns within a day or two.

11/29/2017

Renewing ITINs - Did You Know?

Individual Taxpayer Identification Numbers are used for taxpayers who are required for U.S. tax purposes to have a U.S. taxpayer identification number but do not qualify to get a social security number.

If you use an ITIN, you should check if it expires this year. If it does, information about how to renew your ITIN can be found at: https://www.irs.gov/credits-deductions/individuals/how-do-i-renew-my-itin. Keeping your ITIN current helps avoid tax refund and processing delays.

Taxpayers who have not used their ITIN to file a federal return at least once in the last three years will see their number expire Dec. 31, 2017. ITINs with middle digits 70, 71, 72 or 80 will also expire at the end of the year.

11/22/2017

2018 Healthcare Open Enrollment - Reminder

The 2018 Open Enrollment period for Marketplace health insurance started on November 1, 2017, and ends December 15, 2017. Plans will start January 1, 2018.

Once the Open Enrollment period is over, you will only be able to enroll if there's a qualifying life event for the Special Enrollment Period.

Enrollment can be done at https://Healthcare.gov, and a simple checklist of documents you'll need can be found here: https://marketplace.cms.gov/outreach-and-education/marketplace-application-checklist.pdf.

11/15/2017

Work Clothes and Uniforms - Did You Know?

You may be able to deduct the cost and upkeep of work clothes if they're required as a condition of your employment, and if the clothes aren't suitable for everyday wear.

Examples of jobs that may be able to deduct the cost and upkeep of work clothing are delivery workers, firefighters, health care workers, law enforcement officers, letter carriers, professional athletes, and transportation workers. Musicians and entertainers may also be able to deduct the cost of theatrical clothing and accessories that are not suitable for everyday wear.

Protective clothing such as safety shoes or boots, safety glasses, hard hats and work gloves may also be able to be deducted.

11/08/2017

Retirement Contributions - Did You Know?

If you participate through your work in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan, the contribution limit for 2018 has increased from $18,000 to $18,500.

The limit on annual contributions to an IRA remains unchanged from 2017, at $5,500.

11/01/2017

Teachers and Educators - Did You Know?

Eligible educators and teachers may be able to deduct up to $250 for qualified expenses. An eligible educator can be a kindergarten through Grade 12 teacher, instructor, counselor, principal or aide that has worked for at least 900 hours in a school as determined under state law.

Qualified expenses can be fees for professional development courses, books, supplies, computer equipment (including related software and services), other equipment and supplementary materials used in the classroom.

10/23/2017

2018 Healthcare Open Enrollment - Did You Know?

The 2018 open enrollment period for Marketplace health insurance starts on November 1, 2017, and ends December 15, 2017. Plans will start January 1, 2018.

Enrollment can be done at https://Healthcare.gov, and a simple checklist of documents you'll need can be found here: https://marketplace.cms.gov/outreach-and-education/marketplace-application-checklist.pdf.

10/18/2017

Reconstructing Records after a Disaster

In the event of a disaster, you might need to reconstruct records to prove their loss. Doing this may be essential for tax purposes, getting federal assistance, or insurance reimbursement.

Here are 12 things you can do to help reconstruct your records after a disaster:

- You can get free tax return transcripts by using the Get Transcript tool on IRS.gov. You can also call 800-908-9946 to order them by phone.
- To establish the extent of the damage, you should take photographs or videos as soon after the disaster as possible.
- You can contact the title company, escrow company, or bank that handled the purchase of your home to get copies of appropriate documents.
- If you are a homeowner, you should review your insurance policy as the policy usually lists the value of a building to establish a base figure for replacement.
- If you've made improvements to your home, you should contact the contractors who did the work to see if records are available. If possible, you should also get statements from the contractors to verify the work and cost. You can also get written accounts from friends and relatives who saw the house before and after any improvements.
- For inherited property, you can check court records for probate values. If a trust or estate existed, you can contact the attorney who handled the trust.
- When no other records are available, you can check the county assessor's office for old records that might address the value of the property.
- There are several resources that can help you determine the current fair-market value of most cars on the road. These resources are all available online and at most libraries: Kelley's Blue Book, National Automobile Dealers Association, and Edmunds.
- You can look on your mobile phone for pictures that show the damaged property before the disaster.
- You can support the valuation of property with photographs, videos, canceled checks, receipts, or other evidence.
- If you bought items using a credit card or debit card, you should contact your credit card company or bank for past statements.
- If you don't have photographs or videos of your property, a simple method to help you remember what items you lost is to sketch pictures of each room that was impacted.

10/12/2017

Job Search Expenses - Did You Know?

If you're currently looking for a new job in your current occupation, you may be able to deduct some related expenses even if you don't get a new job.

The below expenses may be tax-deductible:

- Costs of preparing and mailing your Resume
- Travel expenses including transportation, meals, and lodging
- Placement or employment agency fees

However, you would not be able to claim these expenses if you are looking for a job outside your current occupation, looking for a job for the first time, or had substantial time pass between your last job and the new one.

These must be itemized deductions and conditions such as a minimum threshold may apply.

10/03/2017

Six Month Filing Extension Reminder.

If you requested an extra six months in April to file your 2016 tax return, the deadline to file is coming up on Monday, October 16th.

If you live or work in an area affected by a disaster, you may have more time to file. Additional information can be found here: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations.

09/28/2017

Charity Vehicle Donations - Did You Know?

Differing amounts can be deducted from a charity vehicle donation depending on the circumstances listed below.

If the organization sells the vehicle without using it significantly for charitable purposes or making material improvements, then your deduction is limited to the proceeds from the sale.

If the vehicle is transferred to a needy individual by the charity organization for less than fair market value, you may deduct the Fair Market Value even if it exceeds the sales proceeds.

If the vehicle is used significantly or materially improved by the charity organization, you may be able to deduct the fair market value as of the donation date.

Please note that if the vehicle's fair market value was more than your cost or other basis, you may have to reduce the fair market value to figure out the deductible amount. Other rules and exceptions may apply.

09/21/2017

Hurricane Tax Relief - Did You Know?

The IRS has announced tax relief for people affected by Hurricanes Irma and Harvey.

For Hurricane Irma, affected individuals and businesses will have until Jan. 31, 2018, to file returns and pay any taxes that were originally due during this period.

More information on deadlines and covered areas can be found at: https://www.irs.gov/newsroom/irs-expands-tax-relief-to-victims-of-hurricane-irma-in-florida-extension-filers-have-until-jan-31-to-file.

For Hurricane Harvey, certain deadlines falling on or after Aug. 23, 2017 and before Jan. 31, 2018 are granted additional time to file through Jan. 31, 2018.

More information on deadlines and covered areas can be found at: https://www.irs.gov/newsroom/tax-relief-for-victims-of-hurricane-harvey-in-texas.

Address

420 SE Main Street
Lees Summit, MO
64063

Opening Hours

Monday	9am - 4:30pm
Tuesday	9am - 4:30pm
Wednesday	9am - 4:30pm
Thursday	9am - 4:30pm
Friday	9am - 4:30pm

Telephone

(816) 525-1040

Website

http://tgifg.com/

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