• May 2017 Business Due Dates

    1 May 2017
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    Happy May 1st! We’ve compiled your business due dates for this new month. Add these to your calendar NOW to stay on track!

    May 1 –  Federal Unemployment Tax 
    Deposit the tax owed through March if it is more than $500.

    May 1 – Social Security, Medicare and Withheld Income Tax
    File Form 941 for the first quarter of 2017. Deposit or pay any un-deposited tax under the accuracy of deposit rules. 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.

    May 10 – Social Security, Medicare and Withheld Income Tax
    File Form 941 for the first quarter of 2017. This due date applies only if you deposited the tax for the quarter in full and on time.

    May 15 – Employer’s Monthly Deposit Due
    If you are an employer and the monthly deposit rules apply, May 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for April 2017. This is also the due date for the non-payroll withholding deposit for April 2017 if the monthly deposit rule applies.
    Contact Dagley & Co. with any questions regarding May’s due dates.

     

     

     

     

     

     

     

     

     

     

     

     

     

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  • December 2016 Business Due Dates

    5 December 2016
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    …And just like that it’s the first week of December! Year-end is quickly approaching, and so is the busy holiday season. Dagley & Co. has complied and easy-to-understand list of business due dates for you and your company. We reccomend adding them to you calendars ASAP. Contat us with any questions!

    December 1 – Employers

    During December, ask employees whose withholding allowances will be different in 2017 to fill out a new Form W4 or Form W4(SP).

    December 15 – Social Security, Medicare and Withheld Income Tax

    If the monthly deposit rule applies, deposit the tax for payments in November.

    December 15 – Non-Payroll Withholding

    If the monthly deposit rule applies, deposit the tax for payments in November.

    December 15 – Corporations

    The fourth installment of estimated tax for 2016 calendar year corporations is due.

    December 31 – Last Day to Set Up a Keogh Account for 2016

    If you are self-employed, December 31 is the last day to set up a Keogh Retirement Account if you plan to make a 2016 Contribution. If the institution where you plan to set up the account will not be open for business on the 31st, you will need to establish the plan before the 31st. 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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  • Did You End Up Owing Taxes or Getting a Big Refund? Maybe You Need to Adjust Your W-4

    20 April 2016
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    Are you a wage earner with that being your primary source of income? Did you receive a very large refund, or even owe money, after your taxes? Your employer may not be withholding the correct amount of tax, but it probably isn’t their fault. Sure, you like a big refund, but you have to remember you are only getting your own money back that was over-withheld in the first place. Why not bank it and have access to it all year long instead of providing Uncle Sam with an interest-free loan?

    Employers withhold tax based upon the information you provide them on Form W-4, and to adjust your withholding you will need to provide your employer with an updated W-4. Although the W-4 appears to be an easy form to fill out, this is where many taxpayers go wrong because they have other income, itemize their deductions or qualify for various tax credits.

    You can solve this problem by using the IRS’s online W-4 calculator that helps taxpayers determine the correct amount of allowances to claim on their W-4. It takes into account a variety of issues, including itemized deductions, other income, tax credits, and tax already withheld.

    You will need the following available before using the IRS calculator: Your (and your spouse’s if you file jointly) most recent pay stub AND A copy of your most recent income tax return.

    You will be required to estimate some values, so remember the results are only going to be as accurate as the input you provide.

    Click Here To Access The IRS Withholding Calculatorhttp://apps.irs.gov/app/withholdingcalculator/index.jsp

     

    Once you have determined the filing status and allowances to claim using the IRS calculator, download a copy of Form W-4, Employee’s Withholding Allowance Certificate, fill it in and give it to your employer.

    Caution: If you are uncomfortable using the IRS’s online calculator, don’t understand some of the terminology, or have multiple jobs or a working spouse, you may need professional help to determine the correct number of W-4 allowances. Also the federal W-4 allowances may not translate properly for your state withholding.

    Tip: Once your employer has implemented the new W-4 allowance, double-check the withholding to make sure it is approximately what you had intended. It is not uncommon for errors to occur in an employer’s payroll department that could lead to unpleasant surprises at tax time.

    If you are self-employed, you generally pay estimated taxes instead of having payroll withholding. You may be self-employed and also have salaried employment, or your spouse may have payroll income or be self-employed. There are a multitude of possible combinations. If so, the IRS withholding calculator is not suitable for your needs, and you will probably need professional assistance in determining a combination of estimated taxes and payroll withholding.

    Please call Dagley & Co. for assistance in preparing your W-4s and determining your estimated tax payments.

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