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The MPS|CPA accounting blog is your home for thoughts on industry trends and issues, news from around the financial world, and much more.

A Timely Postmark on Your Tax Return May Not Be Enough to Avoid Late Filing Penalties

The 2016 tax return filing deadline for individuals is April 18, and the IRS considers a paper return to be timely filed if postmarked by midnight. If you owe tax, dropping your return, along with a check for the tax due, in a mailbox on the 18th may not be sufficient. Learn more about how you can avoid late filing penalties in this blog post.

By |April 11th, 2017|Categories: Blog, Tax Planning and Tips|0 Comments

Save With Home-Related Tax Deductions and Exclusions

Home ownership comes with many tax-saving opportunities to consider when filing your 2016 return or tax planning for 2017, such as property tax, mortgage interest, home-equity-debt interest and home office deductions and rental income and home-sale gain exclusions. Learn more in this blog post.

By |April 4th, 2017|Categories: Blog, Tax Planning and Tips|0 Comments

Key 2017 Tax Deadlines in Q2 for Businesses and Other Employers

Don't miss the tax deadlines that you need to meet! This blog post lists a few key ones for businesses and other employers during the second quarter of 2017 to help you stay on top of things.

By |March 28th, 2017|Categories: Blog, Tax Planning and Tips|0 Comments

Who Can — And Who Should — Take the American Opportunity Tax Credit?

Who can take the American Opportunity tax credit? If you have a child in college, you may be eligible to claim the credit (up to $2,500) on your 2016 income tax return. Learn more about whether you qualify in this blog post.

By |March 21st, 2017|Categories: Blog, Tax Credits|0 Comments

2016 IRA Contributions — It’s Not Too Late!

There’s still time to make 2016 IRA contributions: The deadline is April 18. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, a 2016 contribution is likely a good idea. Learn more in this blog post.

By |March 14th, 2017|Categories: Blog, IRAs|0 Comments

When an Elderly Parent Might Qualify as Your Adult Dependent

Are you supporting an elderly parent? You might qualify for the adult dependent exemption, which allows a deduction of up to $4,050 per adult dependent claimed on your 2016 tax return. Learn more about this exemption in our latest blog post.

By |March 7th, 2017|Categories: Blog, Tax Breaks|0 Comments