March 2013
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March is here and that means April 15 is right around the corner. We have some useful information and tips to help you prepare for tax day. As always, if you have any specific questions or issues relating to these changes, please contact us.

Featured Articles

6 Overlooked Tax Breaks for Individuals


Confused about which credits and deductions you can claim on your 2012 tax return? You're not alone. with that in mind, here are six tax breaks you won't want to overlook. read more

 

One of the biggest hurdles you'll face in running your own business is staying on top of your numerous obligations to federal, state, and local tax agencies. Unfortunately, the complexity of tax law generates a lot of misinformation that can lead to costly mistakes. Here is a look at some of the more common small business tax misperceptions. read more

 
If you use your car for business you can deduct your car expenses. Keep reading to learn which receipts and records to keep and which deduction method works best for you. read more

 

If you received income during 2012, you may need to file a tax return in 2013. Even if you are not required to file a tax return, you may still be eligible for a refund if you've had too much federal income tax withheld from your pay or qualify for certain tax credits. read more

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Tax Due Dates

March 11 

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

 

March 15

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

 

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

 

Corporations - File a 2012 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.

 

S Corporations - File a 2012 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder's Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.

 

Electing large partnerships - Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner's Share of Income (Loss) From an Electing Large Partnership. This due date is effective for the first March 15 following the close of the partnership's tax year. The due date of March 15 applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 8736 or Form 8800.

 

S Corporation Election - File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2013. If Form 2553 is filed late, S treatment will begin with calendar year 2014.
 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
15928 Ventura Boulevard #218
Encino, CA 91436

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