APRIL 5, 2013
Upcoming Due Dates

April 1

File Forms 1097, 1098, 1099, 3921,3922, and W­2G with the IRS.

This due date applies only if you file electronically.

 

April 10

Employees who work for tips.

If you re­ceived $20 or more in tips during March, re­port them to your employer. You can use Form 4070.

 

April 15

Individuals.

File a 2012 income tax return and pay any tax due or file for an extension of time to file.

 

Please contact us no later than April 8th if you would like for us to file a 6­month extension of time to file the return, You must pay any tax due with your extension to avoid interest and late penalty fees.

 

Household employers.

If you paid cash wages of $1,800 or more in 2012 to a house­ hold employee, you must file Schedule H. If you are required to file a federal income tax return (Form 1040), file Schedule H with the return and report any household employment taxes. Report any federal unemployment (FUTA) tax on Schedule H if you paid total cash wages of $1,000 or more in any calen­dar quarter of 2011 or 2012 to household employees. Also, report any income tax you withheld for your household employees.

 

Individuals (Estimated Tax)

If you are not paying your 2013 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2013 estimated tax.

 

Contact us no later than April 8th if you would like for us to figure your 1st Quarter 2013 Estimated Tax Payment.

 

Partnerships

File a 2012 calendar year return (Form 1065). Provide each partner with a copy of Schedule K­1 Partner's Share of Income, Deductions, Credits, etc., or a substitute Schedule K­1. If you want an automatic 5­ month extension of time to file the return and provide Sched­ule K­1 or a substitute Schedule K­1, file Form 7004. Then, file Form 1065 by September 16.

 

Corporations (Estimated Tax)

Deposit the first installment of estimated income tax for 2013.

 

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QUARTERLY ESTIMATED TAXES

 

The first quarter estimated tax payment is due April 15th.

 

Did you know there is a safe and convenient way to pay your estimated tax payments online?

 

EFTPS® is a system for paying federal taxes electronically using the Internet, or by phone using the EFTPS® Voice Response System.  EFTPS® is offered FREE by the U.S. Department of Treasury.

  

To enroll, or for more information on enrollment, visit https://www.eftps.gov/eftps/ or call Customer Service to request an enrollment form at 1-800-555-4477.

 

If you need assistance figuring your 1st Quarter Estimated Tax Payment, please contact us as soon as possible since the deadline is approaching.

 

 

 

2012 Home-Office Deductions

follows old rules 

 

While the IRS has proposed a simplified method for claiming the home office deduction on next year's income tax return, the old rules are still in effect for 2012. Whether you're new to the deduction or have taken it before, here's what you need to know.

 

  • Terms to know. Three words are especially important: Regular, exclusive, and principal. That's because, in order to take the deduction, you need to use your home office as your principal place of business on a regular and exclusive basis.

    You use the office "regularly" when your work there is recurring and ongoing. With certain exceptions, "exclusive" means no personal use of the space. The general determination of whether your home office is your "principal" place of business is measured by the importance of the activities you conduct wherever you do business, and the amount of time you spend at each location.

    Understanding the word "business" is important, too. It means a for-profit business - which excludes investment activities when you're not an investment broker or dealer. 
  • Numbers to know. To claim deductions for a portion of expenses such as real estate taxes, mortgage interest, and home insurance, you'll need to determine the business use percentage of your home. One way to do that is what's known as the square footage method, calculated by dividing the square footage of your office space by the total square footage of your home.

    Another number to know is the net profit of your business. Your current year home-office deduction is limited to that amount, and you can carry the nondeductible portion to future years.

 

Additional rules apply when you use part of your home to store business inventory, or if you're an employee or operate a daycare from your home. Please give us a call if you need more information.

                          
  

IRS Consumer Alerts

  

This time of year many of our clients receive suspicious emails from the IRS.  Please note, the IRS does NOT initiate contact with taxpayers by email to request personal or financial information. 

 

  • To Learn More about Suspicious e-Mails and Identity Theft, visit the IRS website at:  http://www.irs.gov/uac/Suspicious-e-Mails-and-Identity-Theft          
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