DOANE CPA FIRM LLC
CLERMONT, FLORIDA

Our firm provides outstanding service to our clients because of our dedication to the three underlying principles of professionalism, responsiveness and quality.  We are a "Peer Reviewed" firm, which qualifies us to perform audits. Andrea is the owner and general manager of the firm.  She has been in public accounting since 1987.  She is licensed in both New York and Florida as a Certified Public Accountant.  Erica has been with our firm since 2007.  She has Bachelor's Degree in Business Administration from SUNY, Pottsdam.  She specializes in Corporate tax filings and auditing. Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services. 5. Deductible Expenses for Live Theatrical Productions Section 181 refers to special expensing rules for certain film and television productions that allows taxpayers to treat the costs of any qualified film or television production as a deductible expense. This provision also applies to production costs for qualified live theatrical productions with certain restrictions. Only the owner of a film, television production or a live theatrical production can make a Section 181 election and if you want to take the deduction on your 2017 tax return your first paid performance must have taken place in 2017. Furthermore, Section 181 only applies to live stage productions where the seating capacity for the performance is less than 3,000 seats and the production must be based on a written play (or book in the case of a musical). This tax provision is complicated. Please call if you need clarification. Both individuals and business owners may need to file and pay estimated taxes, which are paid quarterly. In 2018, the first estimated tax payment is due on April 17, the same day tax returns are due. If you do not pay enough by the due date of each payment period you may be charged a penalty even if you are due a refund when you file your tax return. When figuring your estimated tax for the current year, it may be helpful to use your income, deductions, and credits for the prior year as a starting point. Use your prior year's federal tax return as a guide and use the worksheet in Form 1040-ES to figure your estimated tax. However, you must make adjustments both for changes in your own situation and for recent changes in the tax law. The easiest way for individuals as well as businesses to pay their estimated federal taxes is to use the Electronic Federal Tax Payment System (EFTPS). Make ALL of your federal tax payments including federal tax deposits (FTDs), installment agreement and estimated tax payments using EFTPS. If it is easier to pay your estimated taxes weekly, bi-weekly, monthly, etc. you can, as long as you have paid enough in by the end of the quarter. Using EFTPS, you can access a history of your payments, so you know how much and when you made your estimated tax payments. If you've been procrastinating when it comes to preparing and filing your tax return this year you might be considering filing an extension. While obtaining a 6-month extension to file is relatively easy--and there are legitimate reasons for doing so--there are also some downsides. If you need more time to file your tax return this year, here's what you need to know about filing an extension. Individuals are automatically granted an additional six months to file their tax returns. In 2018, the extended due date is October 15. Businesses can also request an extension. In 2018, the deadline for most businesses (whose tax returns were due March 15) is September 17th (October 15 for C-corporations). 3. You are able to file a more accurate--and complete--tax return. Rather than rushing to prepare your return (and possibly making mistakes), you will have an extra 6 months to gather required tax records. This is helpful if you are still waiting for tax documents that haven't arrived or need more time to organize your tax documents in support of any deductions you might be eligible for. Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. While the IRS has made significant progress in deterring tax-related identity theft (from 2016 to 2017 identity theft decreased by 40 percent), criminals continue to devise creative ways to steal even more in-depth personal information to impersonate taxpayers. As such, taxpayers and tax professionals must remain vigilant to the various scams and schemes used for data thefts. Business filers should also be aware that cybercriminals file fraudulent Forms 1120 using stolen business identities as well. About 60 percent of taxpayers use tax professionals to prepare their returns. The vast majority of tax professionals provide honest, high-quality service, but there are some dishonest tax preparers who set up shop each filing season. Well-intentioned taxpayers can be misled by tax preparers who don't understand taxes or who mislead people into taking credits or deductions they aren't entitled to in order to increase their fee. Avoid tax preparers who base fees on a percentage of their client's refund or boast bigger refunds than their competition. Taxpayers should be aware that phony charities use names or websites that sound or look like those of respected, legitimate organizations. For instance, following major disasters, it's common for scam artists to impersonate charities to get money or private information from well-intentioned taxpayers. Scam artists use a variety of tactics including contacting people by telephone or email to solicit money or financial information. They may even directly contact disaster victims and claim to be working for or on behalf of the IRS to help the victims file casualty loss claims and get tax refunds. They may also attempt to get personal financial information or Social Security numbers that can be used to steal the victims' identities or financial resources.