While you’re scrambling to get your tax strategy together, it’s important to not lose track of the deadlines of January. Below are a few deadlines to hit – and if you feel overwhelmed, Dagley & Co. is happy to help.
January 2 – Time to Call For Your Tax Appointment
January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you do so before the calendar becomes too crowded. We at Dagley & Co. typically anticipate a busy spring tax season, so please get in touch with us soon so we can provide you with our full attention.
January 12 – Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during December, you are required to report them to your employer on IRS Form 4070 no later than January 12.
January 15 – Individual Estimated Tax Payment Due
It’s time to make your fourth quarter estimated tax installment payment for the 2014 tax year.
January 15 – Farmers & Fishermen Estimated Tax Payment Due
If you are a farmer or fisherman whose gross income for 2013 or 2014 is two-thirds from farming or fishing, it is time to pay your estimated tax for 2014 using Form 1040-ES. You have until April 15, 2015 to file your 2014 income tax return (Form 1040). If you do not pay your estimated tax by January 15, you must file your 2014 return and pay any tax due by March 2, 2015 to avoid an estimated tax penalty.
January 15 – Employer’s Monthly Deposit Due
If you are an employer and the monthly deposit rules apply, January 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for December 2014. This is also the due date for the nonpayroll withholding deposit for December 2014 if the monthly deposit rule applies. Employment tax deposits must be made electronically (no more paper coupons), except employers with a deposit liability under $2,500 for a return period may remit payments quarterly or annually with the return.
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