14 THE QUEENS COURIER • APRIL 13, 2017 FOR BREAKING NEWS VISIT WWW.QNS.COM Call Now & End Your Tax Nightmare! �������������������������������������� �������������������������������������� �������������������������������� �������������������������������������������������� ������������������������������������������ Co-Author of the best selling book “Breaking the Tax Code” �������������������������������� �������������������������������� Salvatore P. Candela, EA, ATA, ABA Enrolled Agent - Tax Advisor ���������������������������������������������������������������� ������������������������������������������������������ TAX TIPS Here’s a last-minute tax return checklist BY JOHN SAVIGNANO Th is year’s April 18 deadline to fi le your 2016 federal tax returns is coming up fast. If you’ve waited until now to work on your taxes, you’re probably scrambling to fi nish. But before you fi le, check this list to ensure you don’t make some common mistakes. Make sure all Social Security numbers included on your return are correct. If your refund will be automatically deposited, double-check the bank account information (bank name, type of account, routing number and account number). If you owe tax, you can have that amount automatically debited from a bank account. In addition to double checking the bank account information, make sure to specify a date for the debit that’s no later than April 18, the last day you can pay what you owe without incurring additional interest and penalties. It you’re paying a tax owed by check, don’t attach it to your tax return. Mail it in a separate envelope with your voucher and send it to the appropriate IRS address. Th e mailed payment must be postmarked no later than April 18 to avoid any additional interest and penalties. If you’ve been covered by a health insurance plan for all of 2016, make sure to check the box for full-year coverage. If you don’t, you’ll receive a notice from the IRS saying you owe a penalty of up to $695 per adult and $347.50 per child for not having health insurance as required under the Aff ordable Care Act. If fi ling paper tax returns, you must sign and date your returns. Both spouses must sign a joint return, even if only one spouse had income to report. When you fi le a paper return, you’ll also need to attach the IRSrequired copies of W-2s, 1099s, etc., which include the federal taxes withheld from the income. If you’ve moved since filing your last return, you must notify the IRS. Just using your new address on your 2016 tax return isn’t enough. You should also include a completed Form 8822, Change of Address with your 2016 return. This ensures the IRS is notified to update its records for sending future notices. If you’re claiming an adjustment for a contribution to an IRA or a retirement plan such as a Solo 401(k) plan or a SEP IRA, you must deposit the contribution to that account no later than the date you fi le your tax return. Even if you’re not required to fi le a return, there may be a good reason to do so. In certain situations--such as if you’re eligible for the Earned Income Tax Credit--you can get a tax refund that’s more than the taxes withheld from your earnings. But to claim these credits, you must fi le a tax return. Finally, if you don’t have time to fi le your return by the April 18 deadline, you should fi le a Form 4868, Application for Automatic Extension for Time to File. John Savignano is a partner with Savignano Accountants & Advisors located at 47-46 Vernon Blvd., Second Floor, in Long Island City. For questions, dial 718-707-0955.
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