Ketel Thorstenson
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Dates to Remember

Business & Self Employed
July 31
-Deposit FUTA owed thru June if more than $500
-File Form 941 for the second quarter
August 30
-File Form 941 if you timely deposited all required payments
September 15
-Partnerships: File Form 1065 if you timely requested a 5-month extension
-Corporations: File calendar year Form 1120 or 1120S is you timely requested a 6- month extension
-Corporations: Deposit the third installment of your 2015 estimated tax
November 2
-File Form 941 for the third quarter
-Deposit FUTA owed through September if more than $500
November 10
-File Form 941 for the third quarter if you timely deposited all required payments
December 15
-Corporations: Deposit the fourth installment of your 2015 estimated tax


September 15
-Pay 3rd Installment of your 2015 estimated tax
October 15
-Individuals: File From 1040 if you timely requested a 6-month extension
KT Spearfish News
Volume 4 Issue 1, Jul. 2015

Dear Friends,


What a wild rainy spring we've had! Now on to the heat of summer and maybe a little time at the lake, a fun vacation or just spending some time making memories with friends and family. In this edition of the KT News we've included several articles that may help you with your mid year planning items. Please take a look and give us a call if you have any questions. Happy Summer! 


Sub-Chapter S Corporations: Reasonable/Unreasonable Compensation

By Rex Vigoren, CPA, PFS, Partner 

Rex Vigoren


You are not only a stockholder but also a corporate officer. Your accountant is questioning whether your officer's compensation is too high or too low. There are several good ways to evaluate officer's compensation and to correctly answer the multiple questions contained in your sub-chapter S corporation tax return. 

 How does the Internal Revenue Service evaluate whether officer's compensation is adequate according to the business type? These are some the considerations all of us need to keep in mind. 

Click HERE to continue reading. 

Rex may be contacted at  
How Much Tax Would I Have to Pay If.....
By Doug Cahoy, CPA, Tax Manager, QuickBooks ProAdvisor
Doug Cahoy

Have you ever wanted to make a financial decision and in the process realized you needed to know the income tax effect before making that decision? Is there a good way to "get close" to the tax effect of a financial decision by doing some simple calculations? If you just look up your income tax bracket on the IRS' tables or take last year's 1040 tax return and calculate your effective tax rate shouldn't that work? The answer is "maybe." Let's take a look at some of the variables that go into determining the amount of tax you pay on your income: 

1.  The basic income tax table rates are graduated from 0% to 39.6%.  Your bracket increases as your income rises. When you hear the phrase "marginal tax bracket" this is the tax table that is being referred to.  Not all income is taxed at this rate, however.

Click HERE to continue reading.  

Doug may be contacted at


It's Never Too Early to Start Planning
By Debra Engesser, CPA, Senior Associate
Deb Engesser  

By now you have most likely either filed your tax return for last year or you have filed an extension.  In either case it's not too early to start planning for this year. Planning can both reduce your tax liability and avoid an unpleasant surprise when you discover the balance due on this year's tax return. The following are a few areas to consider when planning for this year.


Adjust Withholding (if applicable)


If your prior year tax return has been filed and you expect this year to be comparable to last year, you may want to review your withholding. If you received a big refund last year and would prefer to receive a bigger paycheck each pay period instead, reduce the withholding. However, if you owed additional tax, you may want to increase the withholding to lower the tax due with the return and avoid any underpayment penalties.


Verify All Estimated Tax Payments Have Been Made


If you don't receive a paycheck, retirement plan distributions or any other type of payment from which taxes can be withheld, you may be required to pay estimated tax payments to avoid paying penalties. Verify these payments were made and total at least 100% of the tax shown on the prior year return.  If your prior year return has been filed, your tax preparer should have calculated the amount of the payments for you. If you have not yet filed your return, the amount can be estimated and the remaining payments can be adjusted when the return is finished.


Consider Life Events and How They Will Affect Your Taxes


Click HERE to continue reading about your planning options. 


Deb may be contacted at

Have You Heard About the New IRS Payment Method?

-What is it? It's a new way to pay your taxes. 
-Where do I find it?  

What taxes can I pay with this tool?
  • 1040 Tax Return 
  • 1040-ES Estimated Tax
  • Form 4868 Extension
  • 1040x Amended Tax Return 
  • Installment Agreement Payments
Is there anything this tool cannot be used for?
  • Corporate Taxes
  • Trust and Estate Taxes
  • Payroll Taxes
  • Excise Taxes
  • No Cost
  • No Preregistration
  • Banking information is not retained by the IRS
  • Available 24x7
  • Payments may be scheduled up to 30 days in advance
  • Payments can be cancelled up to two days prior to payment date
  • Account credited same day
  • Immediate online confirmation
The information in this email is being provided by Ketel Thorstenson, LLP for general purposes. It does not constitute legal, accounting, tax or other professional advice or services and is presented without any representation or warrranty. As always, consult a professional about your situation before taking any action.