Varley Law Office PLC

Varley Law Office PLC
201 NE 2nd ST, Stuart, Iowa 50250; (515) 523-2456

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Thursday, January 12, 2017

2016 Tax Returns

 Once again it is time to gather your income and deduction records in preparation for filing your 2016 income tax returns.
If your gross household income was less than $62,000, you qualify for free e-filing of your tax return at:
If you choose to have our office prepare and file your federal and state tax returns, you will need to sign and return the engagement agreement on the reverse side of this letter. All professionally prepared tax returns must be filed electronically (“e-file”). IRS will begin accepting e-files on January 23 this year. You should be able to collect your tax records sooner this year because IRS has shortened the deadline for Form 1099 to January 31, and the deadline for Form K-1 to March 15.
As in past years, you must have a contemporaneous written receipt for donations totaling over $250 to a particular charity. I cannot prepare your tax return if you hold any assets outside of the United States. Identity theft continues to be a problem. Please do not send any documents by e-mail that contain social security numbers or bank account numbers, unless they are password protected.
IRS requires mileage logs for vehicles with business use; standard mileage rates for 2016 are:
                                               Federal         Iowa        
Business:               54¢/mi.        54¢/mi.
Medical & moving:  19¢/mi.      19¢/mi.
Charitable               14¢/mi.        39¢/mi.
You are required to send a Form 1099 to any individual, partnership or LLC that you paid $600.00 or more for services, rent or interest paid in the course of your trade or business. Payments to cooperatives, banks and other corporate entities are excluded. Wages in excess of $150 in any quarter require the filing of Forms W-2 and W-3 (for household employees you may file Schedule H with your tax return instead). If you would like us to prepare these forms, you will need to provide us with the information before January 25, 2016.
If you have questions on any of the above or other tax matters feel free to call, e-mail, or stop in. When you have your records ready you may let us know and we will set up an appointment that is convenient for you. Evening or Saturday appointments can be arranged.

Best Wishes for the New Year!

8 comments:

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