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Annual Reports are due each year between January 1st and May 1st. Please file on time; all profit corporations, limited liability companies, and limited partnerships will be assessed a $400.00 late fee after May 1st which cannot be waived. Please call us today for a quote on filing your Annual Return

The deadline to file your personal taxes is right around the corner, April 18, 2017. Do you need more time to file? You may file an automatic 6 month extension. You may book an appointment at any time by clicking on the following link: www.wats.biz/appointment Contact Wilson Accounting and Tax Services for a solution. 561-450-9287, AudraWilsonCPA@Wats.biz. WATS.BIZ

Last week I had the pleasure of sitting on a panel with other financial professionals to discuss “Money Strategies for Artists.” I read off a list of deductions that are fully deductible for artists in their particular industry. I thought I would share that list with you all as well. If you are an Actor, Dancer, Photographer, etc. you do not want to overlook these deductions: Coaching & Lessons Audition Travel Dance Training Business Meetings Continuing Education Downloads, CDs, & Recordings Training Out-Of-Town Business Trips Rents - Rehearsal Hall Job Supplies Tickets Professional Society Meetings Parking Fees & Tolls Audition Tapes, Videos & DVDs Airfare Business Cards Car Rental Film & Processing Resume’ and Portfolio Website Development & Hosting Meals Communications & Wi-Fi access Costumes - Wardrobe (special) Keep in mind that any expenses that is ordinary or necessary in your line of work is deductible. In addition to the list above, here are a few tips to keep your expenses low while building a career using your craft. Barter and trade – You have a talent that can potentially be a resource for someone else. Work virtually – Cut cost by sharing office space with other artist that compliment your service. Buy used equipment – You may want to start out small by purchasing used equipment at first. Keep personal and business finances separate – I can’t stress this enough. Keeping your business finances separate from your personal finances will help you manage your business better. It will give you a better picture of how your business is performing. By combining the two, you are opening your personal finances up to liabilities related to your business. Pay your Taxes - As you are making money set some aside for taxes. As a self-employed person, you are now responsible for “Self Employment taxes.” Self-employment taxes is basically double FICA. As an employee you are taxed at 7.65% for FICA, you employer has to match that 7.65% and send both “buckets” to the IRS/SSA. Being self-employed you are responsible for both the employee and employer portions for FICA, therefore your tax rate just DOUBLED. If you are an artist or small business owner looking to maximize your deductions, please contact WATS CPA at 561-450-9287.

Giraffe Awards. Friends, Family, and Clients, I have been nominated for a Women’s Chamber of Commerce 2017 Giraffe Award!  The Award is given to women who have “stuck their necks out” and whose focus, initiative, dedication, perseverance and “risk taking” have made a difference to other women both in the community and the workplace. You are invited to be my guest at all of their Women’s History Month events. Please join us on Thursday, March 2 from 5:30 pm until 7:30 pm as we kick-off the month with a celebration and networking event at The Chesterfield Hotel, Palm Beach. You may purchase tickets at the following link: http://cca.womenschamber.biz/webforms/EvtListing.aspx?dbid2=FLWom&keyword=40720&class=E Finally, their 22nd Annual Women’s History Month Celebration will be held at the Kravis Center’s Cohen Pavilion in West Palm Beach on Thursday, March 30, 2017. The event begins at 11:00 a.m. with an exhibit of boutiques and businesses.  The luncheon and program will begin at 12:00 p.m. Each nominated woman will be introduced during lunch. You my purchase tickets at the following link: http://cca.womenschamber.biz/webforms/EvtListing.aspx?dbid2=FLWom&keyword=40740&class=E Thank you for your continued support, I hope to see you soon. Audra Wilson-Russell, CPA, MBA WATS CPA

WATS Happenin' On Wednesday February 1, 2017 the IRS released answers to current myths regarding 2017 Federal Income Tax Refunds. Take a look at the following myths. Please share this information with your friends, family, and networks. Myth 1: All Refunds Are Delayed While more than 90 percent of federal tax refunds are issued in the normal time frame – less than 21 days – it is true some refunds may be delayed – but not all of them. Recent legislation requires the IRS to hold refunds for tax returns claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) until mid-February. Other returns may require additional review for a variety of reasons and take longer. Myth 2: Calling the IRS or My Tax Professional Will Provide a Better Refund Date Many people mistakenly think that talking to the IRS or calling their tax professional is the best way to find out when they will get their refund. In reality, the best way to check the status of a refund is online through the “Where’s My Refund?” tool at IRS.gov or via the IRS2Go mobile app. Taxpayers eager to know when their refund will be arriving should use the "Where's My Refund" tool rather than calling and waiting on hold or ordering a tax transcript. The IRS updates the status of refunds once a day, usually overnight, so checking more than once a day will not produce new information. “Where’s My Refund” has the same information available to IRS telephone assistors so there is no need to call unless requested to do so by the refund tool. Myth 3: Ordering a Tax Transcript a “Secret Way” to Get a Refund Date Ordering a tax transcript will not help taxpayers find out when they will get their refund. The IRS notes that the information on a transcript does not necessarily reflect the amount or timing of a refund. While taxpayers can use a transcript to validate past income and tax filing status for mortgage, student and small business loan applications and to help with tax preparation they should use “Where’s My Refund?” to check the status of their refund. Myth 4: “Where’s My Refund,” Must be Wrong Because There’s No Deposit Date Yet Where's My Refund? ‎on both IRS.gov and the IRS2Go mobile app will be updated with projected deposit dates for early EITC and ACTC refund filers a few days after Feb. 15. Taxpayers claiming EITC or ACTC will not see a refund date on Where's My Refund? ‎or through their software package until then. The IRS, tax preparers and tax software will not have additional information on refund dates. The IRS cautions taxpayers that these refunds likely will not start arriving in bank accounts or on debit cards until the week of Feb. 27 -- if there are no processing issues with the tax return and the taxpayer chose direct deposit. This additional period is due to several factors, including banking and financial systems needing time to process deposits. Taxpayers who have filed early in the filing season, but are claiming EITC or ACTC, should not expect their refund until the week of Feb. 27. Myth 5: Delayed Refunds, those Claiming EITC and/or ACTC, will be Delivered on Feb. 15 By law, the IRS cannot issue refunds before Feb. 15 for any tax return claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC). The IRS must hold the entire refund, not just the part related to the EITC or ACTC. The IRS will begin to release these refunds starting Feb. 15. These refunds likely won’t arrive in bank accounts or on debit cards until the week of Feb. 27. This is true as long as there is no additional review of the tax return required and the taxpayer chose direct deposit. Banking and financial systems need time to process deposits, which can take several days. Contact us Contact WATS CPA for your Tax, Accounting, and Consulting needs. 100 East Linton BLVD, Suite 151A Delray Beach, FL 33483 561-450-9287 AudraWilsonCPA@wats.biz www.WATS.biz Book and appointment now: www.wats.biz/appointment

Wilson Accounting and Tax Services - WATS CPA ACA Repeal and Replacement Tax Refunds New Filing Deadline for Forms W-2 and 1099-MISC Tax Return Due dates #tax #taxupates