Karen McCollum, CPA

Real quick, before you go... -

If you rely on the Earned Income Credit or Additional Child Tax Credit, the IRS will hold refunds next year. Here's the latest update so you can plan ahead. From IRS.gov: "By law, the IRS cannot issue refunds for people claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The law requires the IRS to hold the entire refund even the portion not associated with EITC or ACTC. The IRS expects the earliest EITC/ACTC related refun...ds to be available in taxpayer bank accounts or debit cards starting on Feb. 27, 2018, if direct deposit was used and there are no other issues with the tax return. This additional period is due to several factors, including the Presidents Day holiday and banking and financial systems needing time to process deposits. This law change, which took effect at the beginning of 2017, helps ensure that taxpayers receive the refund they’re due by giving the IRS more time to detect and prevent fraud." See more

We share a burden ... a tax and record keeping one -

Looking to next year’s tax filing With the deadline to file 2016 tax extensions behind us, many are now looking to 2017's tax filing season. Here are just a few reminders from the IRS: 1. Charitable contributions. Taxpayers can deduct contributions that they make to charitable organizations only in the year the donation is made. There is still time for taxpayers to contribute to a charity before the end of 2017. After several storms this year, many taxpayers are making don...ations to disaster relief organizations. Taxpayers can use the IRS Exempt Organization Select Check tool at https://apps.irs.gov/app/eos on IRS.gov to make sure that these charities and any other tax-exempt organization is eligible to receive tax-deductible contributions. 2. IRA distributions. Taxpayers over age 70 should receive payments from their individual retirement accounts and workplace retirement plans by the end of 2017. A special rule allows those who reached 70 in 2017 to wait until April 1, 2018 to receive their distributions. 3. IRA contributions. Taxpayers generally must make workplace retirement account contributions by the end of the year. However, they can make 2017 IRA contributions until April 17, 2018. See more

It's October. The final quarter. The home stretch of the year. How's your business? Do you know its financial state? October is the perfect time to review your accounting, bookkeeping and tax needs. Get your financial management and reporting needs set so you'll be all ready to go in the new year. But hurry, soon there will be snowflakes flying instead of leaves. 314-721-1744.