Tax related

July 1 - Self-Employed Individuals with Pension Plans If you have a pension or profit-sharing plan, you may need to file a Form 5500 or 5500-EZ for calendar year 2011. Even though the forms do not need to be filed until July 31, you should contact this office now to see if you have a filing requirement, and if you do, allow time to prepare the return. July 16 - Non-Payroll … [Read more...] about July 2012 Business Due Date Reminders

For small business owners, tax breaks often come in the form of tax deductions – which can offer a nice little instant cash savings – if you know how to navigate tax law and claim the deductions you deserve (not what you believe you are entitled to). Large tax deductions are a notorious red flag for the IRS, with home-based businesses, in particular, facing an increase in tax … [Read more...] about Small Business Expenses 101

June 15 - Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, June 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for May 2012. This is also the due date for the non-payroll withholding deposit for May 2012 if the monthly deposit rule applies. June 15 - Corporations Deposit the … [Read more...] about June 2012 Business Due Date Reminders

In the past, a business deduction was allowed only for lodging when a taxpayer traveled away from his or her “tax home.”  A taxpayer’s tax home is generally the location (such as city or metropolitan area) of a taxpayer’s main place of business (not necessarily the place where he/she lives). This has long created problems for individuals attending conferences and training … [Read more...] about IRS Liberalizes Position on Local Lodging

May 10 - Social Security, Medicare and Withheld Income Tax File Form 941 for the first quarter of 2012. This due date applies only if you deposited the tax for the quarter in full and on time. May 15 - Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, May 15 is the due date for you to make your deposit of Social Security, Medicare and … [Read more...] about May 2012 Business Due Date Reminders