As we begin the new year, we thought you might appreciate a few tax-related reminders and updates.
TAX FORMS NO LONGER SENT OUT AUTOMATICALLY
Remember that the Internal Revenue Service no longer sends out tax forms by mail. This change was made partly as a cost-cutting measure, and partly because the number of electronic filings has increased so dramatically over recent years. So, if you prefer to file a paper return, you can either download forms and instructions from the IRS website at www.irs.gov, request them by calling the IRS’s automated forms line at 1-800-TAX-FORM , or pick them up at a local IRS office, library or post office. If you choose to get your forms from the IRS website, just select Forms and Publications.
If you have historically filed paper returns and are ready to take the leap to e-filing, you can get information about how to do that at www.irs.gov. Just click on one of the e-file icons under Filing & Payment. If you do elect to e-file this year, you can file your returns as early as January 17.
INCOME TAX FILING DEADLINE EXTENDED TO APRIL 17
The IRS has announced that taxpayers have until Tuesday, April 17, to file their income tax returns and pay any tax that would otherwise be due by April 15. October 15 remains the filing day, however, for those who request a filing extension.
We notified you last summer of the mid-year business mileage adjustment to 55.5 cents per mile, effective July 1. The IRS recently announced that this rate will stay in effect for 2012. The mileage rates for medical and moving expenses, on the other hand, will be decreased slightly to 23 cents per mile. The charitable mileage rate of 14 cents per mile will remain unchanged.
The attorneys and staff of Wright Beamer, together with their family members, enjoyed their second annual evening of sorting toys at the U.S. Marine Corps Reserve’s Toys for Tots warehouse in Farmington this past month. Our firm is proud to have had a small role in helping Toys for Tots accomplish its mission of collecting and delivering thousands of new toys as Christmas gifts to less fortunate children throughout the Metropolitan Detroit area.