Maco & Associates
News You Can Use
December 2009

In This Issue
Deadlines in Dec. & Jan.
February & Beyond
Toys for Tots:
A Convenient Drop-Off Location for All!
Toys for Tots
We are delighted to support Kalejta Financial Management in the 2009Toys for Tots Foundation Campaign. Their office, located at 740 W. Main St., Suite 1, Trappe, PA 19426, is an official Toys for Tots Drop-Off Location. We are located in Suite 3 of the same building. Pop in and visit us, and if you are so inclined, drop off a new toy in Suite 1 and meet our new landlord - Thomas Kalejta, and his wonderful staff!
Tax Reminders: December and Beyond
Greetings!

Here's the latest edition of Maco & Associates' newsletter, News You Can Use, which brings tax issues to your attention. Today, we're outlining the due dates for tax payments and IRS forms in 2010! This is just a friendly reminder so you don't miss upcoming deadlines. Keep in mind that as long as you're subscribed to our newsletter, we'll remind you of deadlines throughout the year!
In the next couple of months...

December 15December 15, 2009
  • Calendar-year corporations must deposit the fourth installment of estimated income tax for 2009.

January 15, 2010
  • Individual taxpayers' final 2009 estimated tax payment is due unless Form 1040 is filed by February 1, 2010, and any tax due is paid with the return.
  • If the monthly deposit rule applies, employers must deposit the tax for payments in December for social security, Medicare, withheld income tax, and non-payroll withholding.
February and beyond...

February 1February 1, 2010
  • Most employers must file Form 941 (Employer's Quarterly Federal Tax Return) to report Medicare, social security, and income taxes withheld in the fourth quarter of 2009. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until February 10th to file the return. Small employers who have been notified by the IRS should file Form 944 (Employer's Annual Federal Tax Return).
  • Give your employees their copies of Form W-2 for 2009. If an employee agreed to receive Form W-2 electronically, have it posted on the website and notify the employee.
  • Generally, give annual information statements to recipients of certain payments you made during 2009. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be filed electronically with the consent of the recipient.
  • File Form 940 [Employer's Annual Federal Unemployment (FUTA) Tax Return] for 2009. If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you deposited the tax for the year in full and on time, you have until February 10th to file the return.
  • File Form 945 (Annual Return of Withheld Federal Income Tax) for 2009 to report income tax withheld on all non-payroll items, including backup withholding and withholding on pensions, annuities, IRAs, etc. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the year in full and on time, you have until February 10 to file the return.

February 16, 2010
  • If the monthly deposit rule applies, employers must deposit the tax for payments in January for social security, Medicare, withheld income tax, and non-payroll withholding.

March 1, 2010
  • The government's copy of Form 1099 series returns (along with the appropriate transmittal form) should be sent in by today. However, if these forms will be filed electronically, the due date is extended to March 31st.
  • The government's copy of Form W-2 series returns (along with the appropriate transmittal form) should be sent in by today. However, if these forms will be filed electronically, the due date is extended to March 31st.

March 15, 2010
  • 2009 income tax returns must be filed or extended for calendar-year corporations. If the return is not extended, this is also the last day for calendar-year corporations to make 2009 contributions to pension and profit-sharing plans.
  • If the monthly deposit rule applies, employers must deposit the tax for payments in February for social security, Medicare, withheld income tax, and non-payroll withholding.

April 15April 15, 2010
  • Last day to file (or extend) your 2009 personal return and pay any tax that is due. So are 2009 returns for trusts and calendar-year estates, partnerships, and LLCs, plus any final contribution you plan to make to an IRA or Education Savings Account for 2009. SEP and Keogh contributions are also due today if your return is not being extended.
  • First quarter estimated tax payments are due for individuals.
  • First quarter estimated tax payments are due for trusts.
  • First quarter estimated tax payments are due for calendar-year corporations.
  • If you need to file a 2009 gift tax return, it also must be filed or extended by this date.
  • If you paid cash wages of $1,600 or more in 2009 to a household employee, you must file Schedule H by this date. You may also have to report any federal unemployment tax paid and any income tax you withheld for your household employees.
Take advantage of these reminders, and check out our blog, where we frequently post information about tax-related issues throughout the year.

As always, we're here year-round to help you make sense of the numbers. Give us a call at 610-489-7215 or send us an email any time throughout the year. We look forward to hearing from you.
 
- Maco & Associates