September 2013

URGENT - Tax Deadlines

Extensions - Corporations and Partnerships, (LLCs) : For calendar year corporations, partnerships and limited liablilty companies who filed extensions, the deadline for filing your 2012 income tax return is September 16, 2013. If we do not have your tax information, please provide this to us ASAP. This is the final deadline.

Federal Estimated Tax Payment - The deadline for the third 2013 federal corporate estimated income tax payment is September 16, 2013. Please make your payment to the IRS using the EFTPS system.

Tennessee Franchise & Excise Tax Payment - The deadline for the third 2013 Tennessee franchise & excise estimated tax payment is September 16, 2013. Please go to the Tennessee Department of Revenue website and make the payment online. Estimated tax payments for franchise & excise taxes are only due if the total of these two taxes are greater than $5,000 for the entire year.

Save Your Receipts

Make sure you save all credit card and debit card transaction receipts. The credit card statement or bank statement only states the date, the amount and where the purchase was made. In case of an audit, the IRS requires the receipts to document what was actually purchased to determine if it is business related.

Depreciation for Vehicles Placed in Service in 2013

New Vehicles are eligible for the 50% bonus depreciation with certain limitations. A new business car is eligible for the first-year depreciation limit of $11,160. A new business van or light truck is eligible for the first-year depreciation limit of $11,360. If you were to purchase a used vehicle for business, the 2013 depreciation would only be $3,160 for a car and $3,360 for a van or light truck. A $25,000 Section 179 depreciation expense may be taken in the first year if you purchased a 4-wheeled vehicle (new or used) that has a gross vehicle weight exceeding $6,000 and you used the vehicle 100% for business.

6921 Office Park Circle, Knoxville, TN 37909

865-588-5288

	Quick Links... www.accountingconsultantsinc.net www.irs.gov www.state.tn.us/revenue There is a little less than 4 months left in 2013. It is time to make sure you know if your business is on the right tax track. Please contact us for your 2013 tax and financial planning.