Minding Your Business by Martin Kamenski

Author:Martin Kamenski [Kamenski, Martin]
Language: eng
Format: epub
Tags: MUS004000 MUSIC / Business Aspects; BUS064000 BUSINESS & ECONOMICS / Taxation / General; BUS064030 BUSINESS & ECONOMICS / Taxation / Small Business
ISBN: 9781480337817
Publisher: Hal Leonard
Published: 2013-01-15T00:00:00+00:00

• JANUARY

◊ 15 (S/P): Individual Estimated Tax Payment #4: This is the final installment of your prior year’s estimated tax payments. (Remember, these payments apply to cases where you accumulate over $1,000 in tax liability over the course of the year.)

◊ 31 (C/S/P): 1099 and W2 Deadline #1: This is the deadline to provide W2s to your employees and 1099s to your independent contractors. There is a separate deadline (to follow) for furnishing these forms to the IRS, which will allow you to correct any mistakes employees bring up.

◊ 31 (C/S): Q4 Payroll Tax Filings Due: Payroll tax forms for the fourth quarter of the previous year are due. These include IRS Forms 940 and 941, along with state unemployment and state income tax withholding forms.

• FEBRUARY

◊ 28 (C/S/P): 1099 and W2 Deadline #2: One month after needing to send W2s and 1099s to your employees and contractors, you will now have to send in the final copies to the IRS and Social Security Administration. Don’t forget W3s and 1096s—these are the “cover sheets” that accompany W2s and 1099s and let the government know how many forms to expect.

• MARCH

◊ 15 (C/S): Corporate Tax Return: This is the original deadline to file your C-Corporation Form 1120 or S-Corporation Form 1120S. Alternatively, you can file Form 7004 to obtain an automatic six-month extension.

◊ 15 (S): S-Corp Election: If you want to be treated as an S-corporation for the current year, this is the last date you can make that election take effect. Otherwise you’ll be waiting until next year.

• APRIL

◊ 15 (C): Corporate Estimated Payment #1: This is the first installment of your current-year C-corporation estimated payments.

◊ 15 (C/S/P): Individual Income Tax Return: This is the due date for your individual return (Form 1040) or the extension (Form 4868). Remember that extending your return buys you an extra six months to file but not to pay, so if you have a balance due, you may want to get an estimate of your payment on file at this point even if you don’t complete the return. Not doing so creates interest from this date until you pay.

◊ 15 (S/P): Individual Estimated Tax Payment #1: This is your first payment toward your current-year tax liability.

◊ 15 (P): Partnership Tax Return: April 15 is the deadline for your Form 1065 Partnership tax return, which will show your income and expenses and distributable amounts to all partners. Or file Form 7004 to obtain an automatic five-month extension.

◊ 30 (C/S): Q1 Payroll Tax Filings Due: Payroll tax forms for the first quarter of this year are due. These include IRS Form 941, state unemployment, and state income tax withholding forms.

• MAY (none)

• JUNE

◊ 15 (C): Corporate Estimated Payment #2: This is the second installment of your current-year C-corporation estimated payments.

◊ 15 (S/P): Individual Estimated Tax Payment #2: This is your second payment toward your current-year tax liability.

• JULY

◊ 31 (C/S): Q2 Payroll Tax Filings Due: Payroll tax forms for the second quarter of this year are due.

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