Bet you didn’t know that a holiday only celebrated back east will result in you having an additional three days to file your federal income tax return. Emancipation Day (celebrating Lincoln signing the Compensated Emancipation Act freeing over 3,000 slaves in the District of Columbia on April 16, 1862) is a holiday in DC, which makes it an IRS holiday as well. Normally this doesn’t affect income tax filing, except when April 16 falls on a Saturday. Then the Friday before (April 15) is the holiday, meaning taxes are not due until the following Monday on April 18, giving you three more days to put off filing your taxes. Wait, there’s more. If you live in Massachusetts or Maine you have a state holiday called Patriot’s Day on the third Monday in April celebrating the first series of battles against the British at Lexington and Concord on April 19, 1775. If the third Monday in April is tax day then it is extended one more day, so people living in Massachusetts and Maine have until April 19 this year to file their taxes. I hope you enjoyed your little history lesson on trying to figure out when you have to [...]
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 [...]
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