2014 IMPORTANT TAX DEADLINES

By: lauras119 Monday January 13, 2014 comments

Mark your calendar for these important dates!



Dear Valued Clients and Friends,


The following is a list of important tax deadlines for 2014. Please mark your calendar.

Generally, you must file for a Form 1099 with the IRS for any of the following cases:



  • Payment of $600 or more in 2013 in the course of trade or business:

    • Independent contractors

    • Partnerships

    • Corporation for legal or medical services in 2013.

    • Rentals unless they're a corporation or real estate agent

    • Interest in the course of your trade or business

    • Attorney



  • Payment of more than $10 in royalties in 2013.


Finally, you do NOT file a 1099 for:



  • Work done for you personally rather than for a business.

  • Corporations that have done the work for you except for legal or medical, as noted above.

  • Independent contractors whom you've paid less than a total of $600 during 2013.

  • Employees.File a W-2 for them.

  • Payments made to tax-exempt organizations. Although nonprofit organizations must file 1099s, your for-profit company does not have to file for payments made to charitable organizations or government entities.


Non-filing of Form 1099 would mean penalties and additional cost on your end. Contact our office today to assist you with the preparation of these documents and avoid unnecessary cost for non filing of returns.

 

2014 TAX DEADLINES


January 15


ü  Fourth and final installment of 2013 estimated tax for individuals must be paid or file your 2013 tax return and pay any balance due by January 31, 2014.

January 31


ü  Furnish 2013 W-2 statements to employees.

ü  Furnish 1099 information statements to payees by payers.

ü  File 2013 Federal Employment Form 941.

ü  File 2013 Unemployment Form 940.

ü  Pay any tax due.

February 28


ü  File information returns, such as 1099s.

ü  March 31 is the deadline for electronic filing.

ü  Send W-2 copies to the Social Security Administration

ü  March 31 is the deadline if filing electronically.

March 17


ü  File and pay your 2013 calendar year corporation income tax returns.

ü  The deadline to request a 6 month extension of time to file corporate income tax returns.

ü  Taxes are due regardless of extension filing.

April 15


ü  Individual income tax returns for 2013 are due.

ü  The deadline to request a 6 month extension of time to file personal income tax returns and/or partnership and LLC income tax returns.

ü  Taxes are due regardless of extension filing.

ü  2013 partnership/LLC returns are due.

ü  2013 annual gift tax returns are due.

ü  The deadline for making your 2014 IRA and education savings account contributions.

ü  The first installment of 2014 individual estimated tax is due.

April 30


ü  File Form 941 for the first quarter of 2014.

June 16


ü  Second installment of 2014 estimated tax is due.

July 31


ü  File Form 941 for the second quarter of 2014.

September 15


ü  The third installment of 2014 estimated tax is due.

ü  Deadline for filing your 2013 corporation tax return if you filed an extension on the March 15 deadline.

ü  Deadline for filing your 2013 partnership/LLC tax return if you filed for an extension on the April 15 deadline.

October 15


ü  Deadline for filing your individual income tax return if you filed for an extension on the April 15 deadline.

October 31


ü  Employers must file Form 941 for the third quarter 2014.

Please contact our office if you have any questions regarding these requirements and deadlines.

Call me today @ 970-215-5901!

lauras119

About the Author: lauras119



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