Musings of a Burbank CPA: Filings That Are Required by February 29.

There are several business items you need to file by the end of  February (remember this is leap year, so you have until February 29 this year!) First of all, if you have employees and pay payroll, you have to file your W2s with the Social Security Administration with the W3 Transmittal Form.  If you pay independent contractors, you have file 1099MISC with the Internal Revenue Service with the 1096 Transmittal Form.  If you pay interest to any one, you should also file 1099INT forms with the Internal Revenue Service (use a separate 1096 Transmittal for each type of form 1099.)   If you do business in the City of Los Angeles (and probably many other cities across the country) you have to file your Los Angeles City Business Tax Form and pay your calculated business tax by February 29 (this form is normally filed online, plus you may qualify for the $100,000 gross receipt small business exclusion or the $300,000 creative artist exclusion if you file on time; otherwise you will lose this exclusion.)   It is important to  make sure all these items are taken care of this month (the only other day to worry about this month [...]

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Tax Musings of a Burbank CPA: Remember that January 15 is the Last 2015 Estimated Tax Payment Due Date!

If  you make estimated tax payments to the IRS or your state, the last estimated tax quarterly voucher has to be paid by January 15, 2016 to be timely.  Make sure you check to see if there was an estimate due when you roughed out what you thought you would owe in 2015 (or if you paid in an amount based on 2014 taxes) and pay this by the due date to avoid any underpayment penalties.  If your income has increased dramatically you may want to add to the January payment to minimize any potential penalties.  Check with your preparer if you are not sure or just have questions about this.  For financial,  accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net  Phone: 818-317-6035   Website: www.briantstonercpa.com AWARDED BEST ACCOUNTANT IN BURBANK, CA BY BEST BUSINESSES 2014 AND 2015!!   Android and the IPhone:    Has been Featured On   https://twitter.com/bstonercpa

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Tax Musings of a Burbank CPA: ACA Forms You Will Need To File Your Taxes This Year.

Now that the Affordable Care Act (ACA) has been fully in place for a while, the forms you will be getting to file your taxes have increased.  Remember the fun last year with the form 1095-A from the insurance exchanges that let you file for the Premium Tax Credit (or pay some or all of it back if you didn’t deserve it)?  Well, this form is back as well as two other forms we haven’t seen before (what fun!)  In addition to the form 1095-A we also have: 1) Form 1095-B: this form reports the insurance you paid for this year if you didn’t go through an exchange and got insurance directly from a health insurance company.  You need this to prove you had insurance and are not subject to the shared responsibility payment (Penalty for not having insurance.) 2) Form 1095-C: this form is filed by an employer and is needed if the employer has over 50 employees (an Applicable Large Member, or ALE) and if the employer provides a self-insured plan to report minimum coverage that may allow the employee to get a Premium Tax Credit. (It also shows the employee has the minimum insurance coverage so they [...]

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