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There is one key piece of information that every taxpayer — especially those who will be filing at the last minute — should keep in mind as April 18, 2017 draws near:
The deadline for filing 2016 returns is midnight on April 18, 2017.
The April 18 deadline applies to any return or payment normally due on April 18. It also applies to the deadline for requesting an individual return tax-filing extension and for making 2016 IRA contributions.
It would be simple if that were the only change in taxes this year. But, this year, as always, there are additional changes you need to be aware of as you prepare your income taxes.
Cost-basis reporting no longer up to the taxpayer
Starting back with the 2011 tax forms, brokers or custodians of a person’s assets began tracking and reporting to the IRS the cost basis of those investments. In the past, it was up to the taxpayer.
The federal government established new tax reporting requirements with the Emergency Economic Stabilization Act of 2008, said financial adviser J. Mark Nickell of Brentwood, Tennessee-based J. Mark Nickell & Co. Its purpose was to get investors to accurately report on tax forms any gains and losses on securities. The changes will eventually simplify tax preparation for investors, Nickell said.
The effects of this legislation emerged in phases through 2014. For tax year 2012, custodians started reporting costs on covered and non-covered securities. For 2012, they also reported costs involved with mutual funds, exchange-traded funds and dividend reinvestment plans. In 2017, they started reporting on fixed-income options and other securities.
“In the past, the custodians of your assets reported how much a sale was for, but they wouldn’t have listed the cost basis, ” said financial planner Chris Walker, also of Brentwood-based J. Mark Nickell & Co. “It was up to the taxpayer to dig through their records, sometimes going back years to find out how much they paid for it.”
Standard mileage rates down
The standard mileage rate for business use of a car, van, pick-up or panel truck is 54 cents for 2016. If the vehicle is operated for medical reasons or as part of a deductible move, the rate is 19 cents a mile for 2016. The rate for using a vehicle to provide services to charitable organizations remains at 14 cents a mile.
