What a great 2016 tax season!
Together, we successfully completed another tax season. . With the exception for clients who requested or were eligible for extensions of time to file, 2017 income tax filing season for 2016 tax returns (individual & corporation) end. April 18, which also the due date for taxpayers who have to pay (tax due) including taxpayers requesting the extension of time to file.
I would like to thank each of you for giving me the opportunity to serve you during this tax season. You were instrumental by making the process smooth as you were aware of the authority’s regulations imposed and the importance of specific identifications/ forms/ documents that I had to request from you for compliance. Thank you for your cooperation
I would like to thank and greatly appreciate those who send me letters, notes, and emails to express their appreciation and satisfaction with my services during this tax season. If anyone is still interested in sending feedback, please feel free to do so by email to: intisar@featchicago.com.
I must acknowledge the dedication of the software developer, the e-file agency, the portal safe, and the team of the tech support who worked countless hours in assisting throughout the season. The security of your personal information was the priority every step of the way
For tax year 2016, track your refund if you were expecting direct deposit or check by mail. Also match and confirm your direct debit / credit/ check by mail payment of your tax due
As always committed, I will continue to keep you up-to-date to take advantage of various tax saving opportunities when filing your 2017 income tax. Here is what you may need to know for your 2017 planning. I assure you that it is not too soon to consider planning since the second quarter already started April 1st.
Some of the expiring tax provisions after tax year 2016 are: cancellation of qualified principal residence indebtedness exclusion from gross income, energy efficient home credit, mortgage insurance premium deduction, tuition and fees deduction, and work opportunity credit.
For tax year 2017: Federal tax rate varies depending on your filing status and your taxable income. Personal exemption per person is $4,050 that begins to phase-out depending on your filing status and your taxable income. The basic standard deduction for single or MFS is $6,350, for MFJ or QW is $12,700, and for HoH is $9,350. The 2017 organizer is expected to be released during the fall, which I will send to you during the month of November.
Hope you will have a great summer. I look forward to serving you again
Intisar Assaf
F & E Accounting & Tax Services, LLC
203 N LaSalle Street
Suite 2100
Chicago, IL 60601
Phone: 312 208 9585
Mobile: 773 401 2848
Web: www.featchicago.com