Be sure your health insurance premiums are deductible…
If you have an S-Corporation and you want to deduct 100% of your Health Insurance Premiums, you are REQUIRED to have your TOTAL PREMIUMS PAID IN 2018 reported on your year end W-2 forms.
If you do not have this reported on your W-2 you will not be able to deduct 100% of your health insurance premiums paid in 2018. For an explanation of what to do, please select one of the two documents below to view and follow the listed instructions:
If BBD Processes your payroll:
If BBD DOES NOT process your payroll:
Forms and useful information ….
Here are some forms and useful information to review for your year end tax planning. If you have not had your year end tax review yet and need to schedule an appointment yet, please click here:
- To prepare for this appointment;
CLICK HERE: 2018 Year End Review Appointment Checklist
- To use a fill in worksheet as a guide to send us,
CLICK HERE: 2018 Year End Review Fill-In Worksheet
ALL S-CORPORATIONS, PLEASE NOTE THE FOLLOWING:
TAX RETURNS vs. TAX PAYMENTS: What is due?
- Your tax payment is due by April 17th. Your tax return does not have to be filed by 4/17 as long as we have filed an extension.
- If we have prepared your taxes in the past, and your taxes are not complete – rest assured, we have filed an extension for you, you do not need to do anything, or sign anything.
** IF YOU OWE TAXES — Your TAX PAYMENT is due by April 17th. Your filing date can be extended, but not the payment **
If you would like to make a tax payment for April 17th, please contact us ASAP. We will be happy to help you with this. If you had a tax review completed by us for 2017, please refer to the notes from that meeting for our instructions on what you will need to do by 4/17.
If you have questions, please email: email@example.com. He can get your questions to your BBD Accountant in Charge.
HEALTH SAVINGS ACCOUNTS (HSA) for 2017
- Funding for 2017: Your 2017 HSA contribution needs to be funded by 4/17/18. HSA contributions can not be extended with a personal tax extension.
- Family Plan: The max contribution for a family plan is $6,750.
- Individual Plan: The max contribution for an individual plan is $3,400.
- Age 55+: If you are 55+, you can add an additional $1,000 to your contribution.
NOTE: Make sure you qualify to make a HSA contribution prior to making a 2017 contribution.
IRA’s and ROTH IRA’s for 2017 – Personal Contributions
- IRA Contributions: The max IRA contribution is $5,500. If you are 50 and older, you can an additional $1,000. The IRA must be opened and funded by 4/17/18. This contribution can not be extended with a personal tax extension.
- ROTH IRA Contributions: The max ROTH IRA contribution is $5,500. If you are 50 and older, you can an additional $1,000. The IRA must be opened and funded by 4/17/18. This contribution can not be extended with a personal tax extension.
NOTE: The due date of 4/17 DOES NOT apply to SEP’s and 401K contributions. Those contributions can be extended with the due date of the Personal or Corporation tax return.
If you owe taxes, you will need to make a payment by 4/17/18 to avoid a late payment penalty. We can extend the due date of a return, but the extension does not extend the date to pay. If you think you might owe for your 2017 taxes, please refer to your 2017 tax review prepared by BBD.
To make a payment for Federal or MN taxes, please follow the instructions below:
FEDERAL EXTENSION PAYMENTS:
Please print the coupon and write a personal check for the amount listed on Line #7 of this form. The payments should be postmarked and mailed by 4/17/18. Please use a PERSONAL check for this payment.
The address for the payment is: Internal Revenue Service, P.O. Box 802503, Cincinnati, OH 45280-2503
MINNESOTA EXTENSION PAYMENTS:
Please print the coupon and write a personal check for the amount listed on this form. The payments should be postmarked and mailed by 4/17/18. Please use a PERSONAL check for this payment.
The address to send the payment is: Minnesota Revenue, P.O. Box 64058, St. Paul, MN 55164-0058
For amounts to pay, please refer to your 2017 tax review prepared by BBD. To avoid any penalties, you would need to make a tax payment by the 4/17/18 deadline. At this point, we will be filing an extension for your 2017 personal tax return. However, if you owe tax, you would need to have it paid in by 4/17/18 to avoid any late payment penalty.
Quarterly estimated payment due dates:
- 1st Quarter Payment due on: 04-17-18
- 2nd Quarter Payment due on: 06-15-18
- 3rd Quarter Payment due on: 09-17-18
- 4th Quarter Payment due on: 01-15-19
If your 2017 returns are currently complete, read here:
If we have completed your 2017 tax returns your estimated tax payments have already been calculated. You will need to log in to your myBBDPass account to access this information.
How much do I pay and how do I print my coupons? myBBDPass How To … Access Estimated Payments
Your 2018 Estimated Payments are printed to a separate .pdf file in your myBBDPass account. For instructions on how to access your Estimated Coupons and Amounts, click here: myBBDPass How To … Access Estimated Payments
NOTE: If you have set your payments up for Automatic Withdrawals:
You will not need to mail in a payment. Your filing instructions will indicate whether you need to write a check or if you are setup for automatic payments. Please note the amount and make sure the funds will be available in your PERSONAL bank account on the due date listed above.
If you have any questions or cannot locate your payment coupons, please email your accountant in charge or firstname.lastname@example.org.
BBD has NOT completed my 2017 Tax Returns yet:
If your 2017 return is not complete yet, we HAVE NOT calculated your 2018 estimated payments. If you think you will need to make a tax payment or want to make a payment, please email your accountant in charge or email@example.com.