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Richard Smith & Associates     Read Our Newsletter Financial Calculators Tax Center Free Reports Contact Us Featured Articles For March, 2013   6 Overlooked Tax Breaks for Individuals Confused about which credits and deductions you can claim on your 2012 tax return? You're not alone. with that in mind, here are six tax breaks you won't want to overlook. 7 Common Small Business Tax Misperceptions One of the biggest hurdles you'll face in running your own business is staying on top of your numerous obligations to federal, state, and local tax agencies. Unfortunately, the complexity of tax law generates a lot of misinformation that can lead to costly mistakes. Here is a look at some of the more common small business tax misperceptions. Using a Car for Business? Grab These Deductions If you use your car for business you can deduct your car expenses. Keep reading to learn which receipts and records to keep and which deduction method works best for you. Who Should File a 2012 Tax Return? If you received income during 2012, you may need to file a tax return in 2013. Even if you are not required to file a tax return, you may still be eligible for a refund if you've had too much federal income tax withheld from your pay or qualify for certain tax credits. Keep reading to learn more. Tax Tips Report 2010 Roth Conversions on 2012 Returns It's Not Too Late to Make a 2012 IRA Contribution The Facts: Medical & Dental Expenses and Your Taxes Tax Relief Extended for Victims of Hurricane Sandy   Tax Due Dates March 11 Employees who work for tips - If you received $20 or more in tips during February, report them to your employer. You can use Form 4070. March 15 Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February. Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in February. Corporations - File a 2012 calendar year income tax return (Form 1120 or 1120-A) 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. S Corporations - File a 2012 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder's Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe. Electing large partnerships - Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner's Share of Income (Loss) From an Electing Large Partnership. This due date is effective for the first March 15 following the close of the partnership's tax year. The due date of March 15 applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 8736 or Form 8800. S Corporation Election - File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2013. If Form 2553 is filed late, S treatment will begin with calendar year 2014. Click here to read the rest of the newsletter. Please call us at (408)446-5551 if you have any questions. Richard Smith & Associates 10050 N. Wolfe Rd. Suite SW2-140 Cupertino, CA 95014 www.richardsmithtax.com  (408)446-5551   These newsletter articles are not to be used by the recipient for the purpose of avoiding federal tax penalties that may be imposed on any taxpayer.