Quick Tax Filing Tips

Posted on by Capital Investment Advisors

As 2016 ends and 2017 is upon us, it’s time to start thinking about taxes.  Below are a few reminders as we near the tax filing deadline:

  1. Tax Forms should start arriving soon.  Be sure to keep all tax forms in a centralized file so that you are ready when it’s time to start working on your taxes. 
    1. You should receive 1099-R (distributions from IRA or retirement accounts) forms and W-2 forms around the end of January. 
    2. Form 1099 Composites (dividend, interest and capital gain information for taxable brokerage accounts) should be delivered around the middle to end of February.  Be sure to watch out for Corrected 1099’s!  
    3. Watch out for K-1 tax forms, which are mailed to you directly from the issuer.  If you receive a K-1 tax form, do not ignore it! 
      1. If you own the holding in your IRA account (it will list your IRA in the registration) please forward the form to our office.  The K-1 income should not be reported on your 1040 tax return.  Instead, the custodian of your IRA account (Schwab and/or Fidelity) will report the income to the IRS, if necessary.  Upon receiving your K-1 tax form from you, we will promptly deliver the form directly to your account custodian. 
      2. If you own the holding in your Brokerage account, you should report the income reported on the Form K-1 directly on your 1040 tax return.    
  2. Make eligible contributions before the tax filing deadline:
    1. Contribute to your Traditional or Roth IRA before April 15th.
    2. Consider maximizing out your HSA (Health Savings Account) before April 15th. 
    3. Contribute to your SEP IRA (Self Employed IRA) by your tax filing deadline. 

If you are in need of a CPA, or if you have general tax questions, Barron Barnes, CPA or Scott Merritt, CPA with Capital Accounting & Tax, LLC are here to help!  You may reach them at 404-947-7400 or Barron@yourwealthtax.com or scott@yourwealth.com.  Their office is conveniently located in our building.