It’s time for 2013 year-end and 2014 tax planning.This is highly recommend planning now if you have a substantial increase in income or fewer deductions. Please call for an appointment.
December 31, 2013:
- This is the last day to paydeductible expenses for the 2013 return. This doesn’t apply to IRA, SEP, or Keogh contributions, all of which can be made after December 31, 2013.
- This is the last day to set up a Keogh Retirement Account if you plan to make a 2013 contribution.
- For individuals who turned 70-½ during 2012 or in a prior year, this is the last day to withdraw the required minimum distribution from their IRA for 2013. This is also the last day to complete an IRA-to-charity distribution.
January 1, 2014:
Unless exempt from the requirement, individuals and families must have minimal essential health care insurance or face the possibility of penalties on their 2014 tax returns.
January 15, 2014:
The fourth-quarter 2013 federal individual estimated tax payment is due, unless the 2013 return is filed by January 31, 2014 and the entire balance due is paid with the return. Caution: Some states may have different filing dates for state estimated payments.
January 31, 2014:
This is the deadline for businesses to provide 1099s and W-2s to the people they paid during 2013. If you are a business owner and you paid $600 or more for the services of individuals (other than employees) during the year, you will need to provide 1099s to those workers by January 31,2014. “Services” can mean everything from labor and professional fees to rents on property. In addition, to avoid a penalty, you must send copies of 1099s to the IRS by February 28, 2014. firm can prepare these documents for you.
March 3, 2014:
This is the last day for a farmer or fisherman who owed, but did not pay, estimated tax by January 15,2014 to file a 2013 calendar-year income tax return to avoid a late payment penalty.
February 28, 2014:
This is the deadline for filing (sending) 2013 Forms1099 and W-2 to the government.
April 1, 2014:
This is the last day for taxpayers who turned 70-½ during 2013 to withdraw their IRA required minimum distribution for 2013.
April 15, 2014:
- This is the deadline for individuals to file a 2013federal income tax return or request an extension of time to file. Caution: Somestates may have a different filing date for state income tax returns.
- This is the deadline for fiduciaries of estates and trusts to file a 2013 calendar-year income tax return or request an extension of time to file.
- The first installment of the 2014 federal individual estimated tax payment is due. Caution: Some states may have different filing dates for state estimated payments.
- The first installment of the 2014 defined benefit pension plan contributions is due.