Six Tips for Last-Minute Tax Filers
Featured Articles for April 2019
Six Tips for Last-Minute Tax Filers
If you've been procrastinating about filing your tax return this year, here are six tips that might help.
The Qualified Small Business Stock Exclusion
Small businesses benefit from numerous tax breaks. One of them is the Qualified Small Business Stock exclusion. If you're thinking about investing in a small business, here's what you should know about this often-overlooked tax break.
Refundable vs. Non-Refundable Tax Credits
Tax credits can reduce your tax bill or give you a bigger refund, but not all tax credits are created equal.
Reporting Foreign Income
If you received income from a foreign source in 2018 or are a U.S. citizen or resident who worked abroad, you'll need to report it. Here's what you need to know.
Scam Alert: Fake calls from Taxpayer Advocate Service
Don't Delay: Late Filing and Late Payment Penalties
There's Still Time to Make a 2018 IRA Contribution
Fringe Benefit Deductions Change; Affect Business
Tracking Jobs in QuickBooks: Part 2
Tax Due Dates
Electronic filing of Forms 1097, 1098, 1099, 3921, and 3922 - File Forms 1097, 1098, 1099, 3921, and 3922 with the IRS (except a Form 1099-MISC reporting nonemployee compensation). This due date applies only if you file electronically.
Electronic Filing of Form W-2G- File copies of all the Form W-2G (Certain Gambling Winnings) you issued for 2018. This due date applies only if you electronically file.
Electronic Filing of Forms 8027 - File copies of all the Forms 8027 you issued for 2018. This due date applies only if you electronically file.
Electronic Filing of Forms 1094-C and 1095-C and Forms 1094-B and 1094-B - If you're an applicable Large Employer, file electronic forms 1094-C and 1095-C with the IRS. For all other providers of essential minimum coverage, file electronic Forms 1094-B and 1095-B with the IRS.
Employees who work for tips - If you received $20 or more in tips during March, report them to your employer. You can use Form 4070.
Individuals - File an income tax return for 2018 (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return or you can get an extension by phone if you pay part or all of your estimate of income tax due with a credit card. Then file Form 1040 by October 15.
Household Employers - If you paid cash wages of $2,100 or more in 2018 to a household employee, file Schedule H (Form 1040) with your income tax return and report any employment taxes. Report any federal unemployment (FUTA) tax on Schedule H if you paid total cash wages of $1,000 or more in any calendar quarter of 2017 or 2018 to household employees. Also, report any income tax you withheld for your household employees.
Individuals - If you are not paying your 2019 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2019 estimated tax. Use Form 1040-ES.
Corporations - File a 2018 calendar year income tax return (Form 1120) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe in taxes.
Corporations - Deposit the first installment of estimated income tax for 2019. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in March.
Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in March.
Employers - Social Security, Medicare, and withheld income tax. File form 941 for the first quarter of 2019. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until May 10 to file the return.
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Dube & Hazelwood, P.C.
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Leominster, MA 01453