May 12 - Social Security, Medicare and Withheld Income Tax File Form 941 for the first quarter of 2014. 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 2014 Business Due Dates
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April 2014 Business Due Dates
April 1 - Electronic Filing of Forms 1098, 1099 and W-2G If you file forms 1098, 1099, or W-2G electronically with the IRS, this is the final due date. This due date applies only if you file electronically (not paper forms). Otherwise, February 28 was the due date. The due date for giving the recipient these forms was January 31. April 15 - Social Security, Medicare and … [Read more...] about April 2014 Business Due Dates
March 2014 Business Due Dates
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
How Business Website Expenses Are Deducted
With the explosion of online businesses, one would think that there would be a standard method of deducting the cost of your business website. But some questions still exist as to what part of a website is considered software, and to date, the IRS has not fully clarified that issue for tax purposes. Purchased Websites – If the website is purchased from a contractor who is at … [Read more...] about How Business Website Expenses Are Deducted
Credit for Small Employer Health Insurance Premiums
The tax law provides a credit for small business employers who pay the health insurance premiums for their workers. This credit can be as much as 35% (25% for tax-exempt organizations) of the insurance premiums paid by the employer in 2013. Beginning in 2014, the credit percentage increases to 50% (35% for tax-exempt organizations), and claiming the credit is limited to two … [Read more...] about Credit for Small Employer Health Insurance Premiums