What Investors Need to Do NOW Through March 15th for the 2016 Tax Year

by Amanda Han

Are you ready for tax season? Well, ready or not, here it is. There are less than 100 days until tax day, and there’s still a lot to do before then. Let’s take a look at things you should be doing this month, next month, and all the way through tax day to make sure your returns are as accurate and complete as possible:

What to Do Today

If your tax preparer suggested that you pay a 4th Quarter estimated tax for the 2016 year, then that is due ASAP. Send it in as soon as possible to make sure that you aren’t hit with penalties at tax time.

This week, you should also be reviewing your financials. If you have a bookkeeper, be sure to meet with them to go over the details of 2016. Make sure that your numbers make sense prior to giving them to your tax preparer to avoid potential rework fees.

  • Does your overall profit or loss make sense?
  • Does your rental income seem correct for each property?
  • Have you included all of your general and administrative expenses?
  • Have all repairs and improvements been accounted for?

If you are having someone prepare your returns, contact them now to make sure that you are on their list for 2016, especially if you are using a CPA for the first time or changing to a new preparer this year. Make sure that you are on their radar for 2016 preparation, so you aren’t scrambling to find someone to do your returns in March.

What to Do by January 31st

This is the due date for filing W-2s and 1099s with the IRS. If you had employees in 2016, then make sure W-2s are issued by January 31st to you, your employee, and the IRS. If you paid more than $600 to any contractors that are not “corporations” during 2016, make sure they also receive a 1099-MISC by January 31st. These forms can generally be found at your local office supply store.

By the end of January, you should start to receive your tax documents. Ask your tax preparer ahead of time for a tax organizer or checklist of items needed. Also, you will want to obtain instructions on how to send your documents, as every tax firm has a slightly different method for preparing returns. It may be helpful to make a list of all of the documents you expect to receive and mark them off as you receive them: W-2 from your employer, 1099-INT for interest income from the bank, a 1099-R for an IRA distributions, 1099s from your management company.

What to Do by March 15th

This is the entity tax return due date! A big change for 2016 year is that LLCs and other partnerships must now file by March 15th! In the past, we had an additional month to file, but now, in an effort to push investors to get K-1s out to partners faster, all S Corporation and Partnership returns are due by March 15th. This new, accelerated deadline is important for those investors who file partnership returns for their rentals and also for those active investors who may operate in S Corporations.


For those of you who are syndicators, you do not want angry investors calling, so make sure to distribute your company’s K-1s out to your investors as soon as possible following entity filing. There is only one month between entity filing and personal filing, so make sure that your investors have everything they need prior to the date they need to file.

If you can’t get your returns and K-1s completed by this date, then you should request an extension of time to file until September 15th. Just remember that payment may still be due by March 15th for any necessary state tax returns. As such, even if you don’t file until September, do ask your tax preparer ahead of time if they can calculate state taxes due for your entity to avoid penalties later in the year. Filing and payment penalties CANNOT be claimed as business expenses so plan ahead to ensure that you avoid those.

Interested in Finding out More? Reach out below

Shawn Ireland

Phone: 913-225-6231

Email: Ireland_Investments@yahoo.com

Address: 1415 Main St. #823, Grandview, MO 64030

Website: www.irelandinvestmentsllc.com/

Facebook: @IrelandInvestmentsLLC/

Instagram: @irelandinvestmentsllc

Twitter: @IrelandLlc

Ireland Investments llc

This information is intended only for the use of the intended recipient(s) and it may be privileged and confidential. Please note that any views or opinions presented in this post are solely those of the author and do not necessarily represent those of the company. This is reposted information and is not original thought of Ireland Investments or anyone associated with the business.

Popular areas we service;

Kansas city Missouri, overland park Kansas, Kansas city Kansas, Olathe Kansas, Independence Missouri, Shawnee Kansas, Blue Springs Missouri, Lenexa Kansas, Leavenworth, Kansas, Leawood Kansas, Liberty Missouri, Raytown Missouri, Gladstone Missouri, Grandview Missouri, Belton Missouri, Prairie Village Kansas, Gardner Kansas, Raymore Missouri, Grain Valley Missouri, Ottawa, Kansas, Lansing Kansas, Excelsior Springs Missouri, Merriam Kansas, Harrisonville Missouri, Cameron Missouri, Mission Kansas, Kearney Missouri, Smithville Missouri, Pleasant Hill Missouri, Oak Grove Missouri, Bonner Springs Kansas, Roeland Park Kansas, Parkville Missouri, De Soto Kansas, Richmond Missouri, Greenwood Missouri, Paola Kansas, Basehor Kansas, Tonganoxie Kansas, Odessa Missouri, Peculiar Missouri, Platte City, Missouri, Higginsville Missouri, Lexington Missouri, Edwardsville Kansas, North Kansas City Missouri, Osawatomie Kansas, Louisburg Kansas, Fairway Kansas, Mission Hills Kansas, Sugar Creek Missouri, Riverside Missouri, Buckner Missouri, Pleasant Valley Missouri, Lawson Missouri, Plattsburg Missouri, Lake Lotawana Missouri, Weatherby Lake Missouri, Wellsville Kansas, Edgerton Kansas, Westwood Kansas, Garden City Missouri, Gower Missouri, Claycomo Missouri, Lone Jack Missouri, Drexel Missouri, Lake Tapawingo Missouri, Glenaire Missouri, Dearborn Missouri, Avondale Missouri, Osborn Missouri, Sibley Missouri, Oaks Missouri, Unity Village Missouri, Levasy Missouri, Randolf Missouri, River Bend Missouri, Jackson County Missouri, Johnson County Kansas, Clay County Missouri, Wyandotte County Kansas, Cass County Missouri, Platte County Missouri, Leavenworth County Kansas, Miami county Kansas, Lafayette County Missouri, Ray County Missouri, Clinton County Missouri, Bates County Missouri, Linn County Kansas, Caldwell County Missouri, Crossroads Real estate, 18th and vine Real estate, Hospital Hill real estate, library district real estate, longfellow real estate, dutch hill real estate, quality hill real estate, river market real estate union hill real estate, Greater downtown KCMO real estate, East Side KCMO real estate, Midtown KCMO real estate, Westport Real estate, Hyde Park real estate, Northeast KCMO real estate, Northland real estate, Plaza Real estate, South Kansas City Real estate, Fairway Kansas real estate, Kansas city Kansas real estate, lake quivira Kansas real estate, Lenexa Kansas real estate, Mission hills Kansas real estate, overland park Kansas real estate, prairie village Kansas real estate, Shawnee Kansas real estate, weatherby lake Missouri real estate, westwood Kansas real estate

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Website Built with WordPress.com.

Up ↑

%d bloggers like this: