August 5, 2014
Upcoming Due Dates

August 15 

 

Exempt Organizations:   

 

Fiscal Year end date of 3/31/2014: Exempt Organization tax return is due Friday, August 15, 2014.  You may request your first 3 month extension to November 15, 2014.


Fiscal Year end date of 12/31/13: If you have requested your initial 3 month extension, the Exempt Organization tax return is due Friday, August 15, 2014.  An additional 3 month extension may requested to November 15, 2014.

 

Fiscal Year end date of 9/30/13: Friday, August 15, 2014 is the final due date of the Exempt Organization return. No further extensions may be requested.

 

 

September 15  

 

Final deadline to file corporate tax returns for the year 2013 if an extension was requested. (Forms 1120, 1120A, 1120S). 


Final deadline to file trust income tax returns (Form 1041) for the year 2013 if an extension was requested.

  

Final deadline to file partnership tax returns (Form 1065) for the year 2013 if an extension was requested.

 

 

ESTIMATED TAX: 

 

Individuals (Estimated Tax)

If you are not paying your 2014 income tax through withholding (or will not pay in enough tax during the year that way), pay the third installment of your 2014 estimated tax.

 

Corporations (Estimated Tax)

Deposit the third installment of estimated income tax for 2014.

 

 

October 15 

 

 

Final deadline to file individual tax returns (with extension). (Forms 1040, 1040A, 1040EZ.)
   

Final deadline to fund a SEP-IRA or solo 401(k) for tax year 2013 if you requested an automatic extension of time to file.

 

November 15 
 
Start your tax planning if you haven't done so already.  

 

 

 
Tax Deadlines Approaching

If you haven't filed your 2013 income tax return, the final deadline to file is fast approaching.

For businesses and trusts the final deadline is Monday, September 15th. 

For individuals, the final deadline is Wednesday, October 15th.

There are no extensions beyond these dates.  Failure to file timely could incur stiff penalties and interest. 

Contact us as soon as possible to complete the preparation of your income tax returns. 


2014 Tax Tips

  • Consider the tax shelter aspects of owning a home. You get a deduction for real estate taxes and for interest on your home mortgage (up to $1 million) or home-equity loans where available (up to $100,000).
  • Check the tax savings of combining business and pleasure on the same trip this summer. Within the U.S., if the primary purpose of the trip is business and you add on a side trip or an extra few days for pleasure, you can deduct all the travel costs to and from your business destination and all other business-related costs. You can't deduct costs related to the pleasure portion.
  • As you review your income tax situation at midyear, consider your exposure to the alternative minimum tax (AMT). The alternative minimum tax involves a separate tax calculation that disallows many of the deductions and credits used to calculate regular income tax. If you have high levels of deductions or exemptions, or if you exercise incentive stock options this year, it's worth checking for possible AMT liability so it doesn't take you by surprise.
  • Day camp. If you and your spouse work, the cost of sending your children to a summer day camp may qualify for the child care credit.
  • Business entertaining. Summer is a good time to do business entertaining. Keep records of the cost, the date, the attendees, and the business purpose. Your tax deduction is limited to 50% of the cost.

Do you use your car for business trips? If so, you're entitled to deduct your automobile expenses attributable to business driving. However, there are several twists and turns along the way. For starters, you can't deduct the cost of commuting back and forth from work. This is a purely personal expense. But trips between your regular workplace and a client's business location count as business travel. In addition, you may deduct expenses for traveling between different branches of your business.

There are two basic ways to deduct business auto expenses: the actual expense method or the standard mileage rate.

 

 

  
 

Tax Planning 

 

Now is a good time to think of ways to minimize tax on your 2014 income tax return.  Good planning can save you time and money. Tax laws are constantly changing, so please contact us for ways to minimize your tax liability.