March 20, 2014
Upcoming Due Dates

March 31 

Deadline for payors who file electronically to file 2013 information returns (such as 1099s) with the IRS.

 

Deadline for employers who file electronically to send copies of 2013 W-2s to the Social Security.

 

  

April 15

Deadline for filing 2013 individual/partnership/gift tax/estate and trust tax returns or file for an extension.

 

First installment of 2014 individual estimated tax is due.

 

Due date for calendar-year corporations to pay first installment of 2014 estimated tax.

 

Due date for calendar-year trusts and estates to pay first installment of 2014 estimated tax.

 

Last day to make a contribution to traditional IRA, Roth IRA, Health Savings Account, SEP-IRA or solo 401(k) for the 2013 tax year. (However, if you get an extension, you will have until October 15th to fund a SEP-IRA or solo 401(k).)

 

Final deadline to file an original tax return (Form 1040) for tax year 2010 and still claim a tax refund, as refunds expire three years from the original due date of the tax return.

 

Final deadline to file amended tax return (Form 1040X) for tax year 2010 and still claim a tax refund. (Be sure to mail the amended return well before April 15th to make sure your tax refund will be processed in a timely manner. And be sure to obtain proof of mailing, such as a certified mail receipt.)

 

Final deadline for estates, trusts, or partnerships to file an amended tax return and still claim a tax refund for the year 2010, as refunds expire three years from the original due date of the tax return.


 

 

Tax day  

   
INDIVIDUALS/PARTNERSHIPS/ESTATES
   
The deadline to file individual tax returns for the year 2013 or to request an Automatic Extension is April 15th. An extension provides an extra six months to file your return.
Payment of the tax is still due by April 15th. You can submit payment for the tax along with the extension form.

 

The deadline to file estate income tax or trust income tax returns or to request an automatic 5-month extension of time to file is April 15th .

 

The deadline to file partnership tax returns or to request an automatic 5-month extension of time to file is April 15th.

 

Filing an extension pushes back the tax filing deadline and protects you from possible late-filing penalties that can mount up at a rate of 5 percent of the amount due with your return for each month that you're late. It does NOT relieve you from any tax liability due. If you haven't paid at least 100% of the tax you owe by the original due date, you'll end up owing a late payment penalty of 0.5 percent per month until the tax is paid.

 

If you have not yet sent us the information to prepare your tax returns, please get them to us as soon as possible. If you cannot get us the documents to prepare your returns, it may be necessary for us to file for an extension.  We must receive a request from you to prepare an extension on your behalf.  Professional standards prohibit us from extending your returns automatically. Please also submit a copy of your W-2's and a list of the estimated tax payments you've made for 2013.

 

                          
  
Don't miss deductions that are still available for 2013

As temporary tax breaks expire and are re-extended, it is sometimes confusing to remember which ones are effective for a particular tax year. Here are several deductions that are still available for your 2013 federal income tax return.

  • Teacher expenses. If you're an eligible educator, you can deduct up to $250 of out-of-pocket expenses for classroom supplies and materials. The deduction is above-the-line - meaning you don't have to itemize to claim it.
  • Tuition. Another above-the-line tax-saver available for 2013 is the tuition and fees deduction for higher-education expenses you pay for yourself, your spouse, or your dependents. The maximum deduction for 2013 when you're married filing a joint return is $4,000. Income limits apply.
  • State and local sales tax. You can benefit from this itemized deduction by choosing to claim state and local sales taxes that you paid during 2013 instead of state and local income taxes. You have the option of claiming the actual amount based on receipts, or using an amount from IRS-created tables. If you use the IRS tables, you can add the sales tax you paid for certain large purchases such as vehicles.
  • Asset expensing. Under a tax provision called the Section 179 deduction, you can choose to expense the full cost of new or used assets you placed in service during the year. For 2013, the maximum Section 179 deduction is $500,000 when total asset purchases for the year are $2 million or less.
  • Bonus depreciation. New equipment with a depreciable life of 20 years or less, certain leasehold improvements, and computer software are eligible for an additional, or "bonus," first-year depreciation deduction. For 2013, you can write off up to 50% of the cost of a qualified asset used in your business.

Do you need information about other tax deductions not mentioned here? Please give us a call for the latest details.