Richard Smith and Associates

Richard Smith & Associates     Read Our Newsletter Financial Calculators Tax Center Free Reports Contact Us Featured Articles For April, 2013   5 Last Minute Tax Tips for 2013 Are you one of the millions of Americans who haven't filed (or even started) your taxes yet? With the April 15th tax filing deadline less than two weeks away, here's some last minute tax advice for you. Claiming the Small Business Health Care Tax Credit If you're a small business owners with fewer than 25 full-time equivalent employees you may be eligible for the small business health care credit. Keep reading to learn how you can put more money in your pocket this tax season--and next. Lost Your Job? There Could Be Tax Consequences If you were one of the many who lost your job in 2012, you should be aware that you will have certain unique tax considerations. Continue reading to find out what they are. The Home-Based Business: Basics to Consider More than 52 percent of businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. If you're thinking about starting a home-based business, here's what you need to know. Tax Tips 10 Important Facts about Mortgage Debt Forgiveness Late-Penalty Relief for Extended Filers Estimated Tax Payments - Q&A Simplified Option for Home Office Deduction in 2013   Tax Due Dates April 1 Electronic filing of Forms 1098, 1099, and W-2G - File Forms 1098, 1099, or W-2G with the IRS. This due date applies only if you file electronically (not by magnetic media). Otherwise, see February 28. The due date for giving the recipient these forms will still be January 31. For information about filing Forms 1098, 1099, or W-2G electronically, see Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G Magnetically or Electronically. Electronic filing of Forms W-2 - File copies of all the Forms W-2 you issued for 2011. This due date applies only if you electronically file. Otherwise see February 28. The due date for giving the recipient these forms remains at January 31. April 10 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. April 15 Individuals - File an income tax return for 2012 (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, 1040A, or 1040EZ by October 15. Household Employers - If you paid cash wages of $1,800 or more in 2012 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 2011 or 2012 to household employees. Also report any income tax you withheld for your household employees. Individuals - If you are not paying your 2013 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2013 estimated tax. Use Form 1040-ES. Partnerships - File a 2012 calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner's Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 5-month extension of time to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then file Form 1065 by September 16. Electing Large Partnerships - File a 2012 calendar year return (Form 1065-B). If you want an automatic 6-month extension of time to file the return, file Form 7004. Then file Form 1065-B by October 15. March 15 was the due date for furnishing the Schedules K-1 to the partners. Corporations - Deposit the first installment of estimated income tax for 2013. 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. April 30 Employees - Social Security, Medicare, and withheld income tax. File form 941 for the first quarter of 2013. 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. Employers - Federal Unemployment Tax. Deposit the tax owed through March if more than $500. 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.