February 2013
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Tax Tips
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Now that Tax Season is upon us, we have some useful information and tips to help you as you prepare to close the book on 2012. As always, if you have any specific questions or issues relating to these changes, please contact us.

Featured Articles

6 Tax ChangesThat Benefit Taxpayers for 2012 

 

Thanks to the passage of the American Taxpayer Relief Act of 2012 (ATRA), many tax provisions were extended retroactively (or made permanent) that are of benefit to taxpayers filing 2012 returns this year. Wondering how these changes affect you this tax season? READ MORE

 

Unfortunately, tax season is prime time for scams. From phony websites to fake IRS e-mail and the threat of computer viruses, this is a good time to be extra careful online. Learn how to avoid identity theft and how to protect yourself from scammers this tax season. READ MORE

 
If you are having trouble paying your debts, it is important to take action. Doing nothing leads to much larger problems in the future, whether it's a bad credit record or bankruptcy resulting in the loss of assets and even your home. If you're in financial trouble here are some steps to take to avoid financial ruin in the future. READ MORE

 

Do you have a will? If the answer is no, you're not alone. But if you think you don't need a will, think again. Rich or poor, having a will is important for just about every taxpayer. Here's why. READ MORE
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Tax Due Dates
February 11
Employers - Federal unemployment tax. File Form 940 for 2012. This due date applies only if you deposited the tax for the year in full and on time.

 

Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2012. This due date applies only if you deposited the tax for the quarter in full and on time.

 

Small Employers - File Form 944 to report Social Security and Medicare taxes and withheld income tax for 2012. This due date applies only if you deposited the tax for the year in full and on time.

 

Farm Employers - File Form 943 to report Social Security and Medicare taxes and withheld income tax for 2012. This due date applies only if you deposited the tax for the year in full and on time.

 

Certain Small Employers - File Form 944 to report Social Security and Medicare taxes and withheld income tax for 2012. This tax due date applies only if you deposited the tax for the year in full and on time.

 

Employers - Nonpayroll taxes. File Form 945 to report income tax withheld for 2012 on all nonpayroll items. This due date applies only if you deposited the tax for the year in full and on time.

 

Employees - who work for tips. If you received $20 or more in tips during January, report them to your employer. You can use Form 4070.

 

February 15

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in January.

 

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in January.

 

Individuals - If you claimed exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.

 

February 16

Employers - Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2012, but did not give you a new Form W-4 to continue the exemption this year.

February 28

Businesses - File information returns (Form 1099) for certain payments you made during 2012. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the 2012 Instructions for Forms 1099, 1098, 5498, and W-2G for information on what payments are covered, how much the payment must be before a return is required, what form to use, and extensions of time to file.

 

If you file Forms 1098, 1099, or W-2G electronically (not by magnetic media), your due date for filing them with the IRS will be extended to April 1. The due date for giving the recipient these forms is still January 31.

 

Payers of Gambling Winnings - File Form 1096, Annual Summary and transmittal of U.S. Information Returns, along with Copy A of all the Forms W-2G you issued for 2012. If you file Forms W-2G electronically (not by magnetic tape), your due date for filing them with the IRS will be extended to April 1. The due date for giving the recipient these forms remains January 31.

 

Employers - File Form W-3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W-2 you issued for 2012.

 

If you file Forms W-2 electronically (not by magnetic media), your due date for filing them with the SSA will be extended to April 1. The due date for giving the recipient these forms is still January 31.

 

Employers - with employees who work for tips. File Form 8027, Employer's Annual Information Return of Tip Income and Allocated Tips. Use Form 8027-T, Transmittal of Employer's Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically (not by magnetic tape), your due date for filing them with the IRS will be extended to April 1.

 

March 1

Farmers and fishermen - File your 2012 income tax return and pay any tax due. However, you have until April 15 to file if you paid your 2012 estimated tax by January 15, 2013. (See Penalty Relief for Farmers and Fishermen in Tax Tips section above)

 

 

 

 Dawson & Associates...
is a full service accounting firm dedicated to giving you quality and service at a reasonable price.
Our team is highly trained and very experienced so that your accounting needs are met as effectively and efficiently as possible.

 

Sincerely,

Linda Dawson
Dawson & Associates
Dawson & Associates | 818 379-9800 | team@dawsoncpa.com | http://www.dawsoncpa.com
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Encino, CA 91436

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