Are You On Top Of Your 2012 Tax Deadlines?

This is the time of year when accounting offices ramp up from "normal busy" to "year-end planning" busy.

The deadlines start crowding together, fast and furious in September, all moving steadily toward next April's 2012 Tax Day.

The time to schedule with your accountant is now, before the year-end, and any possible pre-January 1 tax savings, have passed you by.

To assist you with planning, BCWS has gathered all the important Federal 2012 deadlines below:

September

Mon 10	Employers: Employees are required to report to you tips of >=$20 earned during August.
Mon 17	Deposit payroll tax for Aug if the monthly deposit rule applies.
Mon 17	Individuals: Pay the third installment of your estimated tax for 2012.
Mon 17	Partnerships: File 2011 Form 1065 if you timely requested a 5-month extension.
Mon 17	Corporations: File calendar year 2011 Form 1120 or 1120S if you timely requested a 6-month extension.
Mon 17	Deposit third installment of your 2012 estimated tax.

October

Mon 1	File Form 730 and pay tax on wagers accepted during August.
Mon 1	File Form 2290 and pay the tax for vehicles first used during August.
Wed 10	Employers: Employees required to report to you tips of >=$20 earned during September.
Mon 15	Deposit payroll tax for Sep if the monthly deposit rule applies.
Mon 15	Individuals: File 2011 Form 1040, 1040A, or 1040EZ if you requested a 6-month extension.
Mon 15	File 2011 Form 5500 if you timely requested an extension on Form 5558.
Wed 31	File Form 720 for the third quarter of 2012.
Wed 31	File Form 730 and pay tax on wagers accepted during September.
Wed 31	File Form 2290 and pay the tax for vehicles first used during September.
Wed 31	File Form 941 for the third quarter of 2012.
Wed 31	Deposit FUTA owed through Sep if more than $500.

November

Tue 13	Employers: Employees required to report to you tips of >=$20 earned during October.
Tue 13	File Form 941 for the third quarter of 2012 if you timely deposited all required payments.
Thu 15	Deposit payroll tax for Oct if the monthly rule applies.
Fri 30	File Form 730 and pay tax on wagers accepted during October.
Fri 30	File Form 2290 and pay the tax for vehicles first used during October.

December

Mon 10	Employers: Employees required to report to you tips of >=$20 earned during November.
Mon 17	Corporations: Deposit the fourth installment of your estimated tax for 2012.
Mon 31	File Form 730 and pay tax on wagers accepted during November.
Mon 31	File Form 2290 and pay the tax for vehicles first used during November.

The information here was culled from Tax.gov's Important Tax Dates for Small Business calendar. For a complete resource for all the Federal Tax Developments for 2012, click here. BCWS wants to keep as much money as possible in your pocket.

If you have any questions about these deadlines, or any other tax issues, please contact our office.

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2011’s IRS Hot Buttons for Form 1040

As you begin preparing for your 2011 taxes, it’s important to be aware of the areas that are being scrutinized this year.

First, here’s a quick single-stop index of terms for you from Fairmark.com:

Form 1040 and Attachments

Form 1040	U.S. Individual Income Tax Return Form Instructions Use this form if you can't use Form 1040EZ or Form 1040A.
Schedule A Schedule B	Itemized Deductions Interest and Ordinary Dividends Form Instructions The IRS combines both forms in a single electronic file, and also combines the instructions for both forms in a (different) single electronic file. Schedule A: For more information see Your Itemized Deductions. Schedule B: Most taxpayers don't need this schedule unless they have $1,500 or more of interest income, or $1,500 or more of ordinary dividend income.
Schedule C	Profit or Loss from Business Form Instructions Use to report income and deductions from a sole proprietorship (a business or profession of your own). For more information see Your Business.
Schedule C-EZ	Net Profit from Business Form & Instructions You can use this easier version of Schedule C if you don't have a loss, have business expenses of $2,500 or less, and meet other requirements set forth at the top of this form.
Schedule E	Supplemental Income and Loss Form Instructions Use to report income and deductions from rental real estate, royalties, partnerships, S corporations, estates and trusts, and residual interests in REMICs.
Schedule EIC	Earned Income Credit Qualifying Child Information Form & Instructions File this schedule if you claim the earned income credit and you have one or more qualifying children. For more details see Pub 596 below.

 

Form 1040 Red Flags

Inconsistencies or incomplete information in the following areas are hot buttons on Schedules A, C, and E that are likely to earn you a closer look, either from your tax professional or from the IRS:

Schedule A

• Unreimbursed employee business expenses claimed on Form 2106;
• Mileage;
• Travel, meals, and entertainment expenses that require documentation; and
• Receipts for cash charitable contributions and adequate documentation of noncash contributions.

Schedule C

• Gross receipts not fully reported;
• Expenses must be ordinary and necessary; and
• Expenses must be paid or incurred during the taxable year.

Schedule E

• Rental income and expenses not property reported;
• Depreciation not properly calculated; and
• Passive activity and basis limitations not properly calculated.

It’s never too early to start preparing for the April 15^th deadline. When do you usually get started with your taxes?

BCWS would like to connect with you!

 

Please come join us at:

Our BCWS Blog or Our Website

On Facebook

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