Due Date Reminders – Individual
December 2010
December 1 - Time for Year-End Tax Planning
December is the month to take final actions that can affect your tax result for 2010. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2010 should call for a tax planning consultation appointment.
December 10 - Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during November, you are required to report them to your employer on IRS Form 4070 no later than December 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.
December 31 - Last Day to Pay Deductible Expenses for 2010
Last day to pay deductible expenses for the 2010 return (doesn’t apply to IRA, SEP or Keogh contributions, all of which can be made after December 31, 2010). Taxpayers who are making state estimated payments may find it advantageous to prepay the January state estimated tax payment in December (Please call the office for more information).
December 31 - Last Day to Make Mandatory IRA Withdrawals
Last day to withdraw funds from a Traditional IRA Account and avoid a penalty if you turned age 70½ before 2010.
December 31 - Caution! Last Day of the Year
If the actions you wish to take cannot be completed on the 31st or a single day, you should consider taking action earlier than December 31st.
Due Date Reminders – Business
December 2010
December 15 - Social Security, Medicare and Withheld Income Tax
If the monthly deposit rule applies, deposit the tax for payments in November.
December 15 - Nonpayroll Withholding
If the monthly deposit rule applies, deposit the tax for payments in November.
December 2010
December 1 - Time for Year-End Tax Planning
December is the month to take final actions that can affect your tax result for 2010. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2010 should call for a tax planning consultation appointment.
December 10 - Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during November, you are required to report them to your employer on IRS Form 4070 no later than December 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.
December 31 - Last Day to Pay Deductible Expenses for 2010
Last day to pay deductible expenses for the 2010 return (doesn’t apply to IRA, SEP or Keogh contributions, all of which can be made after December 31, 2010). Taxpayers who are making state estimated payments may find it advantageous to prepay the January state estimated tax payment in December (Please call the office for more information).
December 31 - Last Day to Make Mandatory IRA Withdrawals
Last day to withdraw funds from a Traditional IRA Account and avoid a penalty if you turned age 70½ before 2010.
December 31 - Caution! Last Day of the Year
If the actions you wish to take cannot be completed on the 31st or a single day, you should consider taking action earlier than December 31st.
Due Date Reminders – Business
December 2010
December 15 - Social Security, Medicare and Withheld Income Tax
If the monthly deposit rule applies, deposit the tax for payments in November.
December 15 - Nonpayroll Withholding
If the monthly deposit rule applies, deposit the tax for payments in November.
December 15 – Corporations
The fourth installment of estimated tax for 2010 calendar year corporations is due.
December 31 - Last Day to Set Up a Keogh Account for 2010
If you are self-employed, December 31 is the last day to set up a Keogh Retirement Account if you plan to make a 2010 Contribution. Note: there are other options such as SEP plans that can be set up after the close of the year. Please call the office to discuss your options.
December 31 - Caution! Last Day of the Year
If the actions you wish to take cannot be completed on the 31st or a single day, you should consider taking action earlier than December 31st.
The fourth installment of estimated tax for 2010 calendar year corporations is due.
December 31 - Last Day to Set Up a Keogh Account for 2010
If you are self-employed, December 31 is the last day to set up a Keogh Retirement Account if you plan to make a 2010 Contribution. Note: there are other options such as SEP plans that can be set up after the close of the year. Please call the office to discuss your options.
December 31 - Caution! Last Day of the Year
If the actions you wish to take cannot be completed on the 31st or a single day, you should consider taking action earlier than December 31st.
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