October 10 - Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 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.
October 16 - Individuals
If you have an automatic 6-month extension to file your income tax return for 2016, file Form 1040, 1040A, or 1040EZ and pay any tax, interest, and penalties due.
October 16 - SEP IRA & Keogh Contributions
Last day to contribute to SEP or Keogh retirement plan for calendar year 2016 if the tax return is on extension through October 16.
Important Dates by Email
Controlling access to your QuickBooks company file is easy when you’re a one-person accounting department. You simply use one password to protect your data. But when you add new employees to the mix, do you want them to have access to absolutely everything in QuickBooks? Probably not. You have confidence in your employees or youRead More
Article Highlight: Auto Travel Capital Purchases Supplies Children’s Meals Business Use of the Home If you are a childcare provider, tax law provides you with special tax breaks, including deductions for travel, capital purchases, supplies, children’s meals and the business use of your home. Travel – Your auto expenses are based on the number ofRead More
Many people dream of starting a small business. This is a dream that can become a reality, or—as happens to about 33% of prospective business owners, according to the Small Business Administration – it can result in dismal failure within two years. There’s no magic-bullet solution to ensure a successful business, but if you don’tRead More