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We hope you have had a great year and all is well with you and yours.
The passing of another year means that tax-filing season is once again
upon us. This update should bring you up to date on some of the
changes for the current reporting season.
Business Extensions
It is the policy of Feher, Hoover & Feher, CPAs, P.C. to avoid putting
business returns on extension wherever possible. For most small
businesses, the books may be closed with the arrival of the December
bank statement and its reconciliation. If we prepare your business
returns, we would ask that you send us your business information as soon
as possible, which for many will be the second or third week of January. It
is never “too early” to send us filing information.
New Businesses
On more than one occasion last year, a new business return was filed late
because we were not made aware of the creation of a new filing entity. If
you began a new business or changed your business' filing status (e.g.,
formed a corporation to carry out your Schedule C trade or business
activity), please let us know as soon as possible in order to avoid missing
a filing deadline because we did not know of the change. We would ask
that you provide us with certain documentation including, but not
necessarily limited to, any new partnership agreements and amendments,
the articles of incorporation for any new corporations, a copy of the
business' S-Corp election, if applicable, and a copy of the business'
application for a federal ID number, and the IRS response assigning an ID
number to your new business.
Individual Filers
For individual returns, if you have your organizer completed and returned
to us, with 1099’s and W-2’s attached, by March 15th, you should be able
to file on time without extensions. If you sold stocks or redeemed bonds
during 2005, be sure to include the basis (cost) of all securities sold
during the year. The most frequent cause for filing delays is due to a lack
of basis information for securities sold.
Here are some items that may interest you as being new for 2006:
Business use of your automobile is deductible in 2006 at the standard
rates of 44.5 cents per mile.
Certain vehicles, specifically hybrid vehicles, qualify for a $2,000
deduction as clean-fuel burners. Call us if you think you may qualify for
this deduction.
The maximum deduction for fixed assets under I.R.C. Section 179 is
$108,000 for 2006.
We look forward to hearing from you very soon. Please call if you have
any questions.
Download Virginia Forms and Instructions here.
Download North Carolina Forms and Instructions here.
Virginia Beach, Virginia
Phone (757) 490-2424 Fax (757) 490-0388
Contact site administrator at admin@fhfpc.com.
All material Copyright 2007, Feher, Hoover & Feher, CPAs, P.C.
