March 17 - S-Corporation Election File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2013. If Form 2553 is filed late, S treatment will begin with calendar year 2015. March 17 - Electing Large Partnerships Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income … [Read more...] about March 2014 Business Due Dates
March 2014 Individual Due Dates
March 3 - Farmers and Fishermen File your 2013 income tax return (Form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2013 estimated tax by January 15, 2014. March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on … [Read more...] about March 2014 Individual Due Dates
5 Ways to Accelerate Your Receivables in QuickBooks
Increasing your income is good. But even if you can’t, you can still take steps to collect the money you’re already owed faster. Here are five. If you asked five small business owners to name the top three roadblocks they face in their quest for ongoing profitability, it’s likely that all five would point to slow payments. It’s everyone’s problem. Accounts receivable requires … [Read more...] about 5 Ways to Accelerate Your Receivables in QuickBooks
Don’t Overlook the Earned Income Tax Credit
The Earned Income Tax Credit (EITC) is a refundable credit primarily for lower-income individuals and couples with qualifying children. The credit first offsets any tax liability of the taxpayer(s), and any credit left over is fully refundable. For 2013, the credit can be as much as $6,044 for a taxpayer with three children. The IRS reports that in the past, 1 in 5 individuals … [Read more...] about Don’t Overlook the Earned Income Tax Credit
Maximizing Qualified Tuition Program Contributions
Qualified Tuition Programs, commonly referred to as Section 529 plans (named after the section of the IRS Code that created them), are plans established to help families save and pay for college in a tax-advantaged way and are available to everyone, regardless of income. These state-sponsored plans allow you to gift large sums of money for a family member’s college education, … [Read more...] about Maximizing Qualified Tuition Program Contributions