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Tax Changes You Must Know for 2016 in Longmont, Colorado

Planning on filing your taxes this year the same way as you did in 2015? Not so fast. If you’re busy preparing your tax return for 2016 and planning on replicating or echoing last year’s tax return exactly, you’ll find a few problems with this strategy.

Congress has made a few changes and those could affect your taxes this year.

One major tax change this year? In 2016, tax payers will have an additional 3 days to file their taxes as April 15th falls on Emancipation Day. Taxpayers can breathe a sigh of relief as they have an extra three days to file. The new deadline? April 18th.

Other changes that might impact your taxes in 2016?
*The Penalty for Not Having Health Insurance Has Gone Up
*Personal Exemptions Have Risen
*A Few Temporary Tax Breaks Have Become Permanent
*The Tax Benefit for Cancellation of Debt on a Primary Residence Has Been Extended

In addition, any personal changes such as marriage, divorce, buying a new home, having a child or a death can ultimately change your taxes. Any lifestyle change can affect your tax situation. We’re here to help you with your unique tax challenges.

The best bet when it comes to managing your taxes? Hiring a professional! Our CPA team in Longmont, Colorado realizes your time is valuable and so is your money. Why make yourself vulnerable to an IRS audit? We can ensure that your taxes are filed properly and timely. By hiring a professional, you’ll know if your eligible for deductions or credits. Tax guidance can make all the difference.

Our accounting team in Longmont is here to guide you! Contact us ASAP!