If you have come to the realization that you forgot to include an item of income, deduction, credit, etc. from the tax return that you have already filed, you may still have time to make a correction by amending your tax return. 

Generally speaking, you have three years to correct (or “amend”) your Form 1040, by filing Form 1040X.  If you also file a state tax return, you may (or may not) also have to file an amended return as well.

According to the IRS, you can fix mistakes or omissions on your tax return by filing an amended tax return. If you need to file one, these tips can help.

Monday, April 18, was the tax deadline for most people in 2016. If you didn’t file a tax return or an extension to file but should have, take action now. 

If you missed the tax filing deadline:

• File and pay soon. If you owe taxes, you should file and pay as soon as you can, which will stop the interest and penalties that you will owe. IRS Direct Pay is a free, secure and easy way to pay your balance due directly from your checking or savings account. We don’t charge a penalty for filing a late return if you are due a refund. The sooner you file, the sooner you’ll get your refund.
  
  
• Use IRS Free File. Nearly everyone can use IRS Free File to e-file their federal taxes for free. If your income was $62,000 or less, you can use free brand-name tax software. If you made more than $62,000, use Free File Fillable Forms to e-file. This program uses electronic versions of IRS paper forms and does some of the math for you. Fillable forms work best for those who are used to doing their own taxes. Either way, you have a free option on IRS.gov through the Oct. 17 extension period.  
  
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• IRS e-file is safe and quick. No matter who prepares your tax return, you can use IRS e-filethrough Oct. 17. E-file is the easiest, safest and most accurate way to file your taxes. The IRS will send you electronic confirmation when we receive your tax return, and we issue more than nine out of 10 refunds in less than 21 days.
  
  
• Pay as much as you can. If you owe but can’t pay in full, you should pay as much as you can when you file your tax return. IRS electronic payment options are the quickest and easiest way to pay your taxes. You should pay what you owe as soon as possible to minimize penalties and interest.
  
  
• Make monthly payments through an installment agreement. If you need more time to pay your taxes, you can apply for a direct debit installment agreement through the IRS Online Payment Agreement tool. You don’t need to write and mail a check each month with a direct debit plan. If you don’t use the online tool, you can still apply on Form 9465, Installment Agreement Request. You can get the form at IRS.gov/forms at any time.
  
  
• A refund may be waiting. If you are owed a refund, you should file as soon as possible to get it. Even if you are not required to file, you may still get a refund if you had taxes withheld from your wages or you qualify for certain tax credits like the Earned Income Tax Credit. If you don’t file your return within three years, you could lose your right to the refund.  Source: IRS.gov April 18, 2016

Do you have a question about your income taxes or other financial concerns? We are ready to start the conversation. Contact us at info@zinnerco.com or call 216.831.0733 for a no-cost, no-obligation consultation. 

When to file

Don’t panic if you haven’t filed your income tax yet. There’s no time like the present to prepare and file your 2015 tax return. 

Everyone involved in leading or managing a nonprofit organization – whether as a board member or as a staff member – needs to comprehend the story behind the numbers.

In fact, providing appropriate oversight of the organization’s finances and being a responsible fiscal steward is a primary fiduciary duty of all trustees.

This important program will not only help non-accountants learn to make sense of financial statements but will also help those in the accounting field understand how nonprofit accounting is different.




"Reading and Understanding Nonprofit Financial Statements" is designed to help all nonprofit leaders and managers:

• Understand basic financial terminology
• Read key documents reflecting the organization’s financial position, activities, cash flows, and functional expenses
• Be capable of judging their soundness
• Recognize warning signs that reflect the health of the organization
• Protect the organization against financial problems and potential fraud
• Ask the right questions

Partner Sue Krantz, CPA, CGMA, will present this session.

Reserve your space today. Registration is open and seating is limited. 

Click here to register today!  
Registration Code:
16SNPC147.01

Networking and continental breakfast begin at 8:00 a.m.
Fee:  $45.00
(includes continental breakfast)

Lakeland Community College
Holden University Center
7700 Clocktower Drive
Kirtland, OH  44094
(immediately across the street
from Lakeland's main campus)

The Last Chance to Take Advantage of “File and Suspend” is Fast Approaching!

While the logo colors of Zinner & Co. are blue and silver 51 weeks of the year, purple was the weeklong preference from March 21- 26. Purple Day is an annual international celebration to create awareness and support for epilepsy and related seizure disorders. What began as a small initiative in 2008 by a young girl in Nova Scotia is now supported annually on March 26^th by people in countries around the world.

“We are thrilled to participate in this annual event. In addition to our deep-rooted spirit of philanthropy, we also work to help others outside the firm learn about and better understand this chronic disorder,” said Partner Sue Krantz, CPA. 

Epilepsy affects about 2.3 million adults and 467,000 children 0-17 years of age in the United States, more than Parkinson's disease, cerebral palsy, multiple sclerosis and muscular dystrophy combined. Of the major chronic medical conditions, epilepsy is among the least understood even though 1 in 3 adults knows someone with the disorder.

“Employees have been very creative with their show of support.
In addition to the office adorned with purple flowers and decorations, many made a donation to wear purple clothing throughout the week; some went as far as having purple nail polish, purple glasses and purple tennis shoes,” Krantz added.

"Our Firm  brought in lunch from California Pizza Kitchen on the day where they donated a portion of their sales back to the Epilepsy Association." The week concluded with a purple-themed basket raffle and purple snacks and treats. 

As part of the continued crackdown on refund fraud and identity theft, the Internal Revenue Service today released the Top 10 Identity Theft Prosecutions for Fiscal Year 2015. These prosecutions are part of the wide-ranging strategy to combat refund fraud and assist taxpayers through detection, prevention and resolving identity theft cases in a timely manner.

If you are a family that has privately hired a household employee to provide childcare, senior care, etc., in your home,  there’s a relatively low chance that you'll know what aspects of household employment have changed from 2015 to 2016. The good news is that most of the changes are relatively minor, but here are five topics you should be aware of: