TAX CALENDAR

Date	Action Required
01/04/2012	Employers Make Semi-Weekly Payroll tax deposit on Wednesday's & Friday's
01/17/2012	Individuals, Farmers & Fishermen Pay 4th Estimated Tax Payment
01/17/2012	Estates & Trusts 4th Estimated Tax Payment
01/17/2012	Employers Make Monthly Payroll tax deposit on the 15th of each month
01/31/2012	File Heavy Highway Vehicles Form 2290 - various deadlnes - see form instructions
01/31/2012	File Form 730 - Tax Return for Wagers (Accepting Wagers, Pool, Lottery for Profit). Note: This is a monthly form.
01/31/2012	Furnish W-2s recipients
01/31/2012	Furnish 1099 MISC to recipients
01/31/2012	Furnish 1099 Interest to recipients
01/31/2012	Furnish 1099 Dividends to recipients
01/31/2012	Furnish 1098s to borrowers - Mortgage interest
01/31/2012	File 4th, Quarter Payroll Reports
01/31/2012	File Employers Annual Payroll Reports
01/31/2012	File Annual Payroll for Agricultural employees
01/31/2012	Employer's Annual Federal Unemployment (FUTA) Tax Return
01/31/2012	Individuals who missed 4th estimated pmt - May file & pay taxes now
02/15/2012	Employees to File new W-4 with Employer
02/15/2012	Employers Make Monthly Payroll tax deposit on the 15th of each month
02/29/2012	File Paper copy W-3's with Social Security Admin including copies of W-2's
02/29/2012	File paper copy of US transmittal of US information Returns
02/29/2012	Farmers & Fisherman - Use Personal Income Tax Return - Sole Proprietor
02/29/2012	Employers File Annual Report for Employees TIP Income - Form 8027
03/15/2012	S-Corp Election Decision Due (if Applicable)
03/15/2012	S Corporate Returns Due / Calendar Year
03/15/2012	Issue K-1's S Corporate Returns / Calendar Year
03/15/2012	Corporate Returns Due / Calendar Year
03/15/2012	Corporate Returns/S Corp Extensions Due / Calendar Year
03/15/2012	Form 1042S - Foreign Persons US Income subject to withholdings
03/15/2012	Form 1042 - Annual Tax Return of US Income subject to withholdings of Foreign Persons
03/15/2012	Employers Make Monthly Payroll tax deposit on the 15th of each month
03/15/2012	Electing Large Partnerships - Issue K-1s to partners - even if you're on extension
03/31/2012	Electronic filing of W-3's with Social Security Admin including issued W-2's
03/31/2012	Electronic filing of US transmittal of US information Returns
04/17/2012	Last Day to set up and fund IRAs and Roth IRAs for previous year
04/17/2012	Individual Personal Returns due
04/17/2012	Personal Returns due - Nonresident, US income, etc.
04/17/2012	Personal Returns due - Easy Form Return
04/17/2012	Personal Returns due - Not Itemizing Return Form
04/17/2012	Personal Return - Extensions due
04/17/2012	US Gift and Generation-Skipping Transfer Tax Return
04/17/2012	US Gift and Generation-Skipping Transfer Tax Return Extension Due
04/17/2012	Partnership Returns due
04/17/2012	Issue K-1's with Partnership Returns
04/17/2012	Electing Large Partnership Returns due
04/17/2012	Estate & Trusts Returns are due; Bankruptcy fillings use the same form
04/17/2012	Partnership, Estate & Trusts Returns - Extensions due
04/17/2012	Individuals, Farmers & Fishermen Pay 1st Quarter Estimated Tax Payment
04/17/2012	Corporations - 1st Quarter Estimate Tax payment Due
04/17/2012	Estates & Trusts 1st Estimated Tax Payment
04/17/2012	Employers Make Monthly Payroll tax deposit on the 15th of each month
04/30/2012	Deposit FUTA tax if more than $500 was paid through March 31st
04/30/2012	1st Quarter Payroll Tax Returns Due
04/30/2012	1st Quarter Federal Excise Tax Return & Payment Voucher - Form 720
05/15/2012	Employers Make Monthly Payroll tax deposit on the 15th of each month
06/15/2012	Individuals, Farmers & Fishermen Pay 2nd Quarter Estimated Tax Payment
06/15/2012	Corporations - 2nd Quarter Estimate Tax payment Due
06/15/2012	Estates & Trusts 2nd Estimated Tax Payment
06/15/2012	Employers Make Monthly Payroll tax deposit on the 15th of each month
06/15/2012	US Taxpayers Overseas Individual Personal Returns due
06/15/2012	US Taxpayers Overseas Claim Foreign Earned Income
06/15/2012	US Individuals Overseas Personal Return Extensions due
06/30/2012	File Form TDF 90-22.1 - Report of Foreign Banks with $10,000 anytime during year
07/16/2012	Employers Make Monthly Payroll tax deposit on the 15th of each month
07/31/2012	2nd Quarter Payroll Taxes Due
07/31/2012	Deposit FUTA tax if more than $500 was paid through June 30th
07/31/2012	Employer's Deposit Federal Unemployment (FUTA)
07/31/2012	Employers File Annual Return for Employee Benefits Plan 5500
07/31/2012	Employers File Annual Return for Employee Benefits Plan 5500-EZ
07/31/2012	Employers File request for Extension filing Employee Benefits Plan Return
07/31/2012	2nd Quarter Federal Excise Tax Return & Payment Voucher
08/15/2012	Employers Make Monthly Payroll tax deposit on the 15th of each month
08/30/2012	Time for businesses to consider setting up retirement plans
09/17/2012	Employers Make Monthly Payroll tax deposit on the 15th of each month
09/17/2012	Partnership Returns Due- FINAL DEADLINE
09/17/2012	Corporate Returns Due- FINAL DEADLINE
09/17/2012	S Corporate Returns Due- FINAL DEADLINE
09/17/2012	Estate & Trusts Returns - Final Deadline; Bankruptcy fillings use the same form
09/17/2012	Individuals, Farmers & Fishermen Pay 3rd Quarter Estimated Tax Payment
09/17/2012	Corporations - 3rd Quarter Estimate Tax payment Due
09/17/2012	Estates & Trusts 3rd Estimated Tax Payment
09/17/2012	Deadline for Corporations and Partnerships to fund SEP-IRAs for previous year.
09/30/2012	Last day to establish SIMPLE plans for current year
09/30/2012	Time for businesses to consider setting up retirement plans
10/15/2012	Personal Returns due - Nonresident, US income, etc. FINAL DEADLINE
10/15/2012	Personal Returns due - Easy - Final Deadline
10/15/2012	Personal Returns due - Not Itemizing - Final Deadline
10/15/2012	Deadline for Schedule C filer to fund SEP-IRAs for previous year.
10/15/2012	Net Operating Loss - Eligible Small Business carry back loss
10/15/2012	US Gift and Generation-Skipping Transfer Tax Return - Final Deadline
10/15/2012	Employers Make Monthly Payroll tax deposit on the 15th of each month
10/15/2012	Employers File Annual Return for Employee Benefits Plan 5500, if on extension
10/15/2012	Employers File Annual Return for Employee Benefits Plan 5500-EZ, , if on extension
10/31/2012	3rd Quarter Payroll Taxes Due
10/31/2012	Employer's Deposit Federal Unemployment Tax (FUTA) - if total due is more than $500 through Sept 30th.
10/31/2012	3rd Quarter Federal Excise Tax Return & Payment Voucher - Form 720
11/15/2012	Employers Make Monthly Payroll tax deposit on the 15th of each month
12/17/2012	Employers Make Monthly Payroll tax deposit on the 15th of each month
12/17/2012	Corporations - 4th Quarter Estimate Due
12/31/2012	Last Day to Open KEOGH account for 2012 deposits
01/15/2013	Individuals, Farmers & Fishermen Pay 4th Quarter Estimated Tax Payment
01/15/2013	Estates & Trusts 4th Estimated Tax Payment
01/15/2013	Employers Make Monthly Payroll tax deposit on the 15th of each month
01/31/2013	File Form 2290 - Heavy Highway Vehicles
01/31/2013	Furnish W-2s recipients
01/31/2013	Furnish 1099 MISC to recipients
01/31/2013	Furnish 1099 Interest to recipients
01/31/2013	Furnish 1099 Dividends to recipients
01/31/2013	4th Quarter Payroll Reports
01/31/2013	File Employers Annual Payroll Reports
01/31/2013	File Annual Payroll for Agricultural employees
01/31/2013	4th Quarter Federal Excise Tax Return & Payment Voucher
02/15/2013	Employers Make Monthly Payroll tax deposit on the 15th of each month
02/28/2013	File W-3, W-2's with Social Security Admin
02/28/2013	File US transmittal of US information Returns
02/28/2013	Mortgage Interest file Form 1098s with IRS
03/15/2013	Foreign Persons US Income subject to withholdings
03/15/2013	Employers Make Monthly Payroll tax deposit on the 15th of each month

IRS TAX TIP 2012-02: Do I Need to File a Tax Return This Year?

Do I Need to File a Tax Return This Year? 

You are required to file a federal income tax return if your income is above a certain level, which varies depending on your filing status, age and the type of income you receive. However, the Internal Revenue Service reminds taxpayers that some people should file even if they aren't required to because they may get a refund if they had taxes withheld or they may qualify for refundable credits.

To find out if you need to file, check the Individuals section of the IRS website at www.irs.gov or consult the instructions for Form 1040, 1040A or 1040EZ for specific details that may help you determine if you need to file a tax return with the IRS this year. You can also use the Interactive Tax Assistant available on the IRS website. The ITA tool is a tax law resource that takes you through a series of questions and provides you with responses to tax law questions.

Even if you don’t have to file for 2011, here are six reasons why you may want to:

1. Federal Income Tax Withheld You should file to get money back if your employer withheld federal income tax from your pay, you made estimated tax payments, or had a prior year overpayment applied to this year’s tax.

2. Earned Income Tax Credit You may qualify for EITC if you worked, but did not earn a lot of money. EITC is a refundable tax credit; which means you could qualify for a tax refund. To get the credit you must file a return and claim it.

3. Additional Child Tax Credit This refundable credit may be available if you have at least one qualifying child and you did not get the full amount of the Child Tax Credit.

4. American Opportunity Credit Students in their first four years of postsecondary education may qualify for as much as $2,500 through this credit. Forty percent of the credit is refundable so even those who owe no tax can get up to $1,000 of the credit as cash back for each eligible student.

5. Adoption Credit You may be able to claim a refundable tax credit for qualified expenses you paid to adopt an eligible child.

6. Health Coverage Tax Credit Certain individuals who are receiving Trade Adjustment Assistance, Reemployment Trade Adjustment Assistance, Alternative Trade Adjustment Assistance or pension benefit payments from the Pension Benefit Guaranty Corporation, may be eligible for a 2011 Health Coverage Tax Credit.

Eligible individuals can claim a significant portion of their payments made for qualified health insurance premiums.

IRS TAX TIP 2012-06: Ten Tips to Help You Choose a Tax Preparer

Ten Tips to Help You Choose a Tax Preparer 

Many people look for help from professionals when it’s time to file their tax return. If you use a paid tax preparer to file your return this year, the IRS urges you to choose that preparer wisely. Even if a return is prepared by someone else, the taxpayer is legally responsible for what’s on it. So, it’s very important to choose your tax preparer carefully.

This year, the IRS wants to remind taxpayers to use a preparer who will sign the returns they prepare and enter their required Preparer Tax Identification Number (PTIN).

Here are ten tips to keep in mind when choosing a tax return preparer:

1. Check the preparer’s qualifications. New regulations require all paid tax return preparers to have a Preparer Tax Identification Number. In addition to making sure they have a PTIN, ask if the preparer is affiliated with a professional organization and attends continuing education classes. The IRS is also phasing in a new test requirement to make sure those who are not an enrolled agent, CPA, or attorney have met minimal competency requirements. Those subject to the test will become a Registered Tax Return Preparer once they pass it.

2. Check on the preparer’s history. Check to see if the preparer has a questionable history with the Better Business Bureau and check for any disciplinary actions and licensure status through the state boards of accountancy for certified public accountants; the state bar associations for attorneys; and the IRS Office of Enrollment for enrolled agents.

3. Ask about their service fees. Avoid preparers who base their fee on a percentage of your refund or those who claim they can obtain larger refunds than other preparers.  Also, always make sure any refund due is sent to you or deposited into an account in your name.  Under no circumstances should all or part of your refund be directly deposited into a preparer’s bank account.

4. Ask if they offer electronic filing.  Any paid preparer who prepares and files more than 10 returns for clients must file the returns electronically, unless the client opts to file a paper return.  More than 1 billion individual tax returns have been safely and securely processed since the debut of electronic filing in 1990.  Make sure your preparer offers IRS e-file.

5. Make sure the tax preparer is accessible.  Make sure you will be able to contact the tax preparer after the return has been filed, even after the April due date, in case questions arise.

6. Provide all records and receipts needed to prepare your return.Reputable preparers will request to see your records and receipts and will ask you multiple questions to determine your total income and your qualifications for expenses, deductions and other items. Do not use a preparer who is willing to electronically file your return before you receive your Form W-2 using your last pay stub. This is against IRS e-file rules.

7. Never sign a blank return. Avoid tax preparers that ask you to sign a blank tax form.

8. Review the entire return before signing it.  Before you sign your tax return, review it and ask questions. Make sure you understand everything and are comfortable with the accuracy of the return before you sign it.

9. Make sure the preparer signs the form and includes their PTIN.  A paid preparer must sign the return and include their PTIN as required by law. Although the preparer signs the return, you are responsible for the accuracy of every item on your return.  The preparer must also give you a copy of the return.

10. Report abusive tax preparers to the IRS. You can report abusive tax preparers and suspected tax fraud to the IRS on Form 14157, Complaint: Tax Return Preparer. Download Form 14157 from www.irs.govor order by mail at 800-TAX-FORM (800-829-3676).

Your Finances: Personal finance tips for wrapping up the year | recordonline.com

Your Finances: Personal finance tips for wrapping up the year | recordonline.com