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Olson Tax and Financial Planning, LLC
718-551-8244
by can-dan
Click this link to track your Federal refund
Click this link to track your Amended Federal return
Select your state and click Go
by can-dan
IF TAXABLE INCOME IS: | THE TAX IS: |
---|---|
$0 to $9,700 | 10% of taxable income |
$9,700 to $39,475 | $970.00 + 12% of the amount over $9,700 |
$39,475 to $84,200 | $4,543.00 + 22% of the amount over $39,475 |
$84,200 to $160,725 | $14,382.50 + 24% of the amount over $84,200 |
$160,725 to $204,100 | $32,748.50 + 32% of the amount over $160,725 |
$204,100 to $510,300 | $46,628.50 + 35% of the amount over $204,100 |
Over $510,300 | $153.798.50 + 37% of the amount over $510,300 |
IF TAXABLE INCOME IS: | THE TAX IS: |
---|---|
$0 to $13,850 | 10% of taxable income |
$13,850 to $52,850 | $1,385 + 12% of the amount over $13,850 |
$52,850 to $84,200 | $6,065 + 22% of the amount over $52,850 |
$84,200 to $160,700 | $12,962 + 24% of the amount over $84,200 |
$160,700 to $204,100 | $31,322 + 32% of the amount over $160,700 |
$204,100 to $510,300 | $45,210 + 35% of the amount over $204,100 |
Over $510,300 | $152,380 + 37% of the amount over $510,300 |
IF TAXABLE INCOME IS: | THE TAX IS: |
---|---|
$0 to $19,400 | 10% of taxable income |
$19,400 to $78,950 | $1,940 + 12% of the amount over $19,400 |
$78,950 to $168,400 | $9,086 + 22% of the amount over $78,950 |
$168,400 to $321,450 | $28,765 + 24% of the amount over $168,400 |
$321,450 to $408,200 | $65,497 + 32% of the amount over $321,450 |
$408,200 to $612,350 | $93,257 + 35% of the amount over $408,200 |
Over $612,350 | $164,709.50 + 37% of the amount over $612,350 |
IF TAXABLE INCOME IS: | THE TAX IS: |
---|---|
$0 to $9,700 | 10% of taxable income |
$9,700 to $39,475 | $970.00 + 12% of the amount over $9,700 |
$39,475 to $84,200 | $4,543.00 + 22% of the amount over $39,475 |
$84,200 to $160,725 | $14,382.50 + 24% of the amount over $84,200 |
$160,725 to $204,100 | $32,748.50 + 32% of the amount over $160,725 |
$204,100 to $306,175 | $46,628.50 + 35% of the amount over $204,100 |
Over $306,175 | $82,354.75 + 37% of the amount over $306,175 |
USE | RATE |
---|---|
Business | 58 cents |
Medical Care or Move | 20 cents |
Charitable | 14 cents |
IF TAXABLE INCOME IS: | THE TAX IS: |
---|---|
$0 to $9,525 | 10% of taxable income |
$9,525 to $38,700 | $952.50 + 12% of the amount over $9,525 |
$38,700 to $82,500 | $4,453.50 + 22% of the amount over $38,700 |
$82,500 to $157,500 | $14,089.50 + 24% of the amount over $82,500 |
$157,500 to $200,000 | $32,089.50 + 32% of the amount over $157,500 |
$200,000 to $500,000 | $45,689.50 + 35% of the amount over $200,000 |
Over $500,000 | $150.689.50 + 37% of the amount over $500,000 |
IF TAXABLE INCOME IS: | THE TAX IS: |
---|---|
$0 to $13,600 | 10% of taxable income |
$13,600 to $51,800 | $1,360 + 16% of the amount over $13,600 |
$51,800 to $82,500 | $5,944 + 22% of the amount over $51,800 |
$82,500 to $157,500 | $12,698 + 24% of the amount over $82,500 |
$157,500 to $200,000 | $30,698 + 32% of the amount over $157,500 |
$200,000 to $500,000 | $44,298 + 35% of the amount over $200,000 |
Over $500,000 | $149,298 + 37% of the amount over $500,000 |
IF TAXABLE INCOME IS: | THE TAX IS: |
---|---|
$0 to $19,050 | 10% of taxable income |
$19,050 to $77,400 | $1,905 + 12% of the amount over $19,050 |
$77,400 to $165,000 | $8,907 + 22% of the amount over $77,400 |
$165,000 to $315,000 | $28,179 + 24% of the amount over $165,000 |
$315,000 to $400,000 | $64,179 + 32% of the amount over $315,000 |
$400,000 to $600,000 | $91,379 + 35% of the amount over $400,000 |
Over $600,000 | $161,379 + 37% of the amount over $600,000 |
IF TAXABLE INCOME IS: | THE TAX IS: |
---|---|
$0 to $9,525 | 10% of taxable income |
$9,525 to $38,700 | $952.50 + 12% of the amount over $9,525 |
$38,700 to $82,500 | $4,453.50 + 22% of the amount over $38,700 |
$82,500 to $157,500 | $14,089.50 + 24% of the amount over $82,500 |
$157,500 to $200,000 | $32,089.50 + 32% of the amount over $157,500 |
$200,000 to $300,000 | $45,689.50 + 35% of the amount over $200,000 |
Over $300,000 | $80,689.50 + 37% of the amount over $300,000 |
USE | RATE |
---|---|
Business | 54.5 cents |
Medical Care or Move | 18 cents |
Charitable | 14 cents |
by can-dan
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by can-dan
January February March April May June | July August September October November December |
Day | |
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10 | Employees Who Work for Tips – If you received $20 or more in tips during December, report them to your employer. You can use Form 4070. |
15 | Individuals – Make a payment of your estimated tax for 2018 if you didn’t pay your income tax for the year through withholding (or didn’t pay in enough tax that way). Use Form 1040-ES. This is the final installment date for 2018 estimated tax payments. However, you don’t have to make this payment if you file your 2018 return (Form 1040) and pay any tax due by January 31, 2019. |
15 | Farmers and Fishermen – Pay your estimated tax for 2018 using Form 1040-ES. You have until April 15 (April 17 if you live in Maine or Massachusetts) to file your 2018 income tax return (Form 1040). If you don’t pay your estimated tax by January 15, you must file your 2018 return and pay any tax due by March 1, 2019, to avoid an estimated tax penalty. |
15 | Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in December 2018. |
15 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in December 2018. |
31 | Individuals – If estimated tax payments are required: If you didn’t pay your last installment of estimated tax by January 15, you may choose (but aren’t required) to file your income tax return (Form 1040) for 2018 by January 31. Filing your return and paying any tax due by January 31 prevents any penalty for late payment of the last installment. If you can’t file and pay your tax by January 31, file and pay your tax by April 15 (April 17 if you live in Maine or Massachusetts). |
31 | Businesses – Give annual information statements to recipients of certain payments you made during 2018. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient |
31 | Employers – Give your employees their copies of Form W-2 for 2018. If an employee agreed to receive Form W-2 electronically, have it posted on a website and notify the employee of the posting. File Form W-3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W-2 you issued for 2018. |
31 | Payers of Nonemployee Compensation – File Form 1099-MISC for nonemployee compensation paid in 2018. |
31 | Payers of Gambling Winnings – If you either paid reportable gambling winnings or withheld income tax from gambling winnings, give the winners their copies of Form W-2G. |
31 | Employers – Nonpayroll taxes. File Form 945 to report income tax withheld for 2018 on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Deposit or pay any undeposited 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 year timely, properly, and in full, you have until February 11 to file the return. |
31 | Employers – Social security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2018. Deposit or pay any undeposited 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 timely, properly, and in full, you have until February 11 to file the return. |
31 | Certain Small Employers – File Form 944 to report social security and Medicare taxes and withheld income tax for 2018. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is $2,500 or more for 2018 but less than $2,500 for the fourth quarter, deposit any undeposited tax or pay it in full with a timely filed return. If you deposited the tax for the year timely, properly, and in full, you have until February 11 to file the return. |
31 | Farm Employers – File Form 943 to report social security and Medicare taxes and withheld income tax for 2018. Deposit or pay any undeposited 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 year timely, properly, and in full, you have until February 11 to file the return. |
31 | Employers – Federal unemployment tax. File Form 940 for 2018. If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you deposited the tax for the year timely, properly, and in full, you have until February 11 to file the return |
31 | Health Coverage Reporting – If you are an Applicable Large Employer, provide Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, to full-time employees. For all other providers of minimum essential coverage, provide Form 1095-B, Health Coverage, to responsible individuals. |
Day | |
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11 | Employees Who Work for Tips – If you received $20 or more in tips during January, report them to your employer. You can use Form 4070. |
11 | Employers – Nonpayroll taxes. File Form 945 to report income tax withheld for 2018 on all nonpayroll items. This due date applies only if you deposited the tax for the year timely, properly, and in full. |
11 | Employers – Social security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2018. This due date applies only if you deposited the tax for the quarter timely, properly, and in full. |
11 | Certain Small Employers – File Form 944 to report social security and Medicare taxes and withheld income tax for 2018. This due date applies only if you deposited the tax for the year timely, properly, and in full. |
11 | Farm Employers – File Form 943 to report social security and Medicare taxes and withheld income tax for 2018. This due date applies only if you deposited the tax for the year timely, properly, and in full. |
11 | Employers – Federal unemployment tax. File Form 940 for 2018. This due date applies only if you deposited the tax for the year timely, properly, and in full. |
15 | Individuals – If you claimed exemption from income tax withholding last year on the Form W-4, Employee’s Withholding Allowance Certificate, you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year |
15 | Businesses – Give annual information statements to recipients of certain payments you made during 2018. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. This due date applies only to the following types of payments: 1) All payments reported on Form 1099-B, Proceeds From Broker and Barter Exchange Transactions 2) All payments reported on Form 1099-S, Proceeds From Real Estate Transactions. 3) Substitute payments reported in box 8 or gross proceeds paid to an attorney reported in box 14 of Form 1099-MISC. |
15 | Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in January. |
15 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in January. |
16 | Employers – Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2018, but didn’t give you Form W-4 (or Form W-4(SP), its Spanish version) to continue the exemption this year. |
28 | Businesses – File information returns (for example, certain Forms 1099) for certain payments you made during 2018. These payments are described under January 31, earlier. However, Form 1099-MISC reporting nonemployee compensation must be filed by January 31. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the General Instructions for Certain Information Returns for information on what payments are covered, how much the payment must be before a return is required, which form to use, and extensions of time to file. If you file Forms 1097, 1098, 1099 (except a Form 1099-MISC reporting nonemployee compensation), 3921, 3922, or W-2G electronically, your due date for filing them with the IRS will be extended to April 1. The due date for giving the recipient these forms generally remains January 31. |
28 | Businesses – File information returns (for example, certain Forms 1099) for certain payments you made during 2018. These payments are described under January 31, earlier. However, Form 1099-MISC reporting nonemployee compensation must be filed by January 31. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the General Instructions for Certain Information Returns for information on what payments are covered, how much the payment must be before a return is required, which form to use, and extensions of time to file. If you file Forms 1097, 1098, 1099 (except a Form 1099-MISC reporting nonemployee compensation), 3921, 3922, or W-2G electronically, your due date for filing them with the IRS will be extended to April 1. The due date for giving the recipient these forms generally remains January 31. |
28 | Payers of Gambling Winnings – File Form 1096 along with Copy A of all the Forms W-2G you issued for 2018. If you file Forms W-2G electronically, your due date for filing them with the IRS will be extended to April 1. The due date for giving the recipient these forms remains January 31. |
28 | Large Food and Beverage Establishment Employers – File Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips. Use Form 8027-T, Transmittal of Employer’s Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit paper Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically, your due date for filing them with the IRS will be extended to April 1. |
28 | Health Coverage Reporting – If you’re an Applicable Large Employer, file paper Forms 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, and 1095-C with the IRS. For all other providers of minimum essential coverage, file paper Forms 1094-B, Transmittal of Health Coverage Information Returns, and 1095-B with the IRS. If you’re filing any of these forms with the IRS electronically, your due date for filing them will be extended to April 1. See the Instructions for Forms 1094-B and 1095-B and the Instructions for Forms 1094-C and 1095-C for more information about the information reporting requirements. |
Day | |
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1 | Farmers and Fishermen – File your 2018 income tax return (Form 1040) and pay any tax due. However, you have until April 15 (April 17 if you live in Maine or Massachusetts) to file if you paid your 2018 estimated tax by January 15, 2019. |
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. |
15 | Partnerships – File a 2018 calendar year return (Form 1065). Provide each partner with a copy of their Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., or substitute Schedule K-1 (Form 1065). To request an automatic 6-month extension of time to file the return, file Form 7004. Then file the return and provide each partner with a copy of their final or amended (if required) Schedule K-1 (Form 1065) by September 16. |
15 | S Corporations – File a 2018 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of their Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Deductions, Credits, etc., or substitute Schedule K-1 (Form 1120S). To request an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe in tax. Then file the return; pay any tax, interest, and penalties due; and provide each shareholder with a copy of their Schedule K-1 (Form 1120S) by September 16. |
15 | S Corporation Election – File Form 2553 to elect to be treated as an S corporation beginning with calendar year 2019. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2020. |
15 | Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in February. |
15 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in February. |
Day | |
---|---|
1 | Electronic Filing of Forms – 1097, 1098, 1099, 3921, 3922, and W-2G. File Forms 1097, 1098, 1099 (except a Form 1099-MISC reporting nonemployee compensation), 3921, 3922, and W-2G with the IRS. This due date applies only if you file electronically. Otherwise, see February 28, earlier. The due date for giving the recipient these forms generally remains January 31. |
1 | Electronic Filing of Forms – File copies of all the Forms W-2G you issued for 2018. This due date applies only if you electronically file. Otherwise, see February 28, earlier. The due date for giving the recipient these forms remains January 31. |
1 | Electronic Filing of Forms – File Forms 8027 for 2018. This due date applies only if you electronically file. Otherwise, see February 28, earlier. |
1 | Electronic Filing of Forms – If you’re an Applicable Large Employer, file electronic Forms 1094-C and 1095-C with the IRS. For all other providers of minimum essential coverage, file electronic Forms 1094-B and 1095-B with the IRS. Otherwise, see February 28, earlier. |
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. |
15 | Individuals – File a 2018 Form 1040 and pay any tax due. If you live in Maine or Massachusetts, you may file by April 17. If you want an automatic 6-month extension of time to file the return, file Form 4868 and pay what you estimate you owe in tax to avoid penalties and interest. For more information, see Form 4868. Then, file Form 1040 by October 15. |
15 | Individuals – If you’re not paying your 2019 income tax through withholding (or won’t pay in enough tax during the year that way), pay the first installment of your 2019 estimated tax. |
15 | Household Employers – If you paid cash wages of $2,100 or more in 2018 to a household employee, you must file Schedule H (Form 1040), Household Employment Taxes. If you’re required to file a federal income tax return (Form 1040), file Schedule H (Form 1040) with the return and report any household employment taxes. Report any federal unemployment (FUTA) tax on Schedule H (Form 1040) if you paid total cash wages of $1,000 or more in any calendar quarter of 2017 or 2018 to household employees. Also, report any income tax you withheld for your household employees. |
15 | Corporations – File a 2018 calendar year income tax return (Form 1120) 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 in taxes. |
15 | Corporations – Deposit the first installment of estimated income tax for 2019. A worksheet, Form 1120-W, is available to help you estimate your tax for the year. |
15 | Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in March. |
15 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in March. |
15 | Household Employers – If you paid cash wages of $2,100 or more in 2018 to a household employee, you must file Schedule H (Form 1040). If you’re required to file a federal income tax return (Form 1040), file Schedule H (Form 1040) with the return and report any household employment taxes. If you live in Maine or Massachusetts, you may file by April 17. Report any federal unemployment (FUTA) tax on Schedule H (Form 1040) if you paid total cash wages of $1,000 or more in any calendar quarter of 2017 or 2018 to household employees. Also, report any income tax you withheld for your household employees. |
30 | Employers – Social security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2019. Deposit or pay any undeposited 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 timely, properly, and in full, you have until May 10 to file the return. |
30 | Employers – Federal unemployment tax. Deposit the tax owed through March if more than $500. |
Day | |
---|---|
10 | Employees Who Work for Tips – If you received $20 or more in tips during April, report them to your employer. You can use Form 4070. |
10 | Employers – Social security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2019. This due date applies only if you deposited the tax for the quarter timely, properly, and in full. |
15 | Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in April. |
15 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in April. |
Day | |
---|---|
10 | Employees Who Work for Tips – If you received $20 or more in tips during May, report them to your employer. You can use Form 4070. |
17 | Individuals – If you’re a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. Otherwise, see April 15, earlier. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file and pay what you estimate you owe in tax to avoid penalties and interest. Then, file Form 1040 by October 15. However, if you’re a participant in a combat zone, you may be able to further extend the filing deadline. |
17 | Individuals – Make a payment of your 2019 estimated tax if you’re not paying your income tax for the year through withholding (or won’t pay in enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2019. |
17 | Corporations – Deposit the second installment of estimated income tax for 2019. A worksheet, Form 1120-W, is available to help you estimate your tax for the year. |
17 | Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in May. |
17 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in May. |
Day | |
---|---|
10 | Employees Who Work for Tips – If you received $20 or more in tips during June, report them to your employer. You can use Form 4070. |
15 | Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in June. |
15 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in June. |
31 | Employers – Social security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2019. Deposit or pay any undeposited 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 timely, properly, and in full, you have until August 12 to file the return |
31 | Certain Small Employers – Deposit any undeposited tax if your tax liability is $2,500 or more for 2019 but less than $2,500 for the second quarter. |
31 | Employers – Deposit the tax owed through June if more than $500. |
31 | Employers – If you maintain an employee benefit plan, such as a pension, profit-sharing, or stock bonus plan, file Form 5500 or 5500-EZ for calendar year 2018. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends. |
Day | |
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12 | Employers – Social security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2019. This due date applies only if you deposited the tax for the quarter timely, properly, and in full. |
12 | Employees Who Work for Tips – If you received $20 or more in tips during July, report them to your employer. You can use Form 4070. |
15 | Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in July. |
15 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in July. |
Day | |
---|---|
10 | Employees Who Work for Tips – If you received $20 or more in tips during August, report them to your employer. You can use Form 4070. |
16 | Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in August. |
16 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in August. |
16 | Individuals – Make a payment of your 2019 estimated tax if you’re not paying your income tax for the year through withholding (or won’t pay in enough tax that way). This is the third installment date for estimated tax in 2019. |
16 | Partnerships – File a 2018 calendar year return (Form 1065). Provide each partner with a copy of their Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., or substitute Schedule K-1 (Form 1065). To request an automatic 6-month extension of time to file the return, Form 7004 needs to be filed. After the return is filed, provide each partner with a copy of their final or amended (if required) Schedule K-1 (Form 1065) by September 16. |
16 | S Corporations – File a 2018 calendar year income tax return (Form 1120S) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension of time to file the return. Otherwise, see March 15, earlier. Provide each shareholder with a copy of their final or amended Schedule K-1 (Form 1120S) or substitute Schedule K-1 (Form 1120S). |
16 | Corporations – Deposit the third installment of estimated income tax for 2019. A worksheet, Form 1120-W, is available to help you estimate your tax for the year. |
Day | |
---|---|
10 | Employees Who Work for Tips – If you received $20 or more in tips during September, report them to your employer. You can use Form 4070. |
15 | Individuals – If you have an automatic 6-month extension to file your income tax return for 2018, file Form 1040 and pay any tax, interest, and penalties due. |
15 | Corporations – File a 2018 calendar year income tax return (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see April 15, earlier. |
15 | Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in September. |
15 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in September. |
31 | Employers – Social security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2019. Deposit or pay any undeposited 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 timely, properly, and in full, you have until November 12 to file the return. |
31 | Certain Small Employers – Certain small employers. Deposit any undeposited tax if your tax liability is $2,500 or more for 2019 but less than $2,500 for the third quarter. |
31 | Employers – Federal unemployment tax. Deposit the tax owed through September if more than $500. |
Day | |
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12 | Employers – Social security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2019. This due date applies only if you deposited the tax for the quarter timely, properly, and in full. |
12 | Employees Who Work for Tips – If you received $20 or more in tips during October, report them to your employer. You can use Form 4070. |
15 | Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in October. |
15 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in October. |
Day | |
---|---|
10 | Employees Who Work for Tips – If you received $20 or more in tips during November, report them to your employer. You can use Form 4070. |
16 | Corporations – Deposit the fourth installment of estimated income tax for 2019. A worksheet, Form 1120-W, is available to help you estimate your tax for the year. |
16 | Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in November. |
16 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in November. |
Phone: (718) 551-8244
Fax: (718) 263-8031
Email: danolson@olsontfp.com
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by can-dan
You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Generally, this means you must keep records that support items shown on your return until the period of limitations for that return runs out.
The period of limitations is the period of time in which you can amend your return to claim a credit or refund or the IRS can assess additional tax. Table 1 contains the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period beginning after the return was filed. Returns filed before the due date are treated as being filed on the due date.Table 1. Period of Limitations
IF you… | THEN the period is… | |
1 | Owe additional tax and (2), (3), and (4) do not apply to you | 3 years |
2 | Do not report income that you should and it is more than 25% of the gross income shown on your return | 6 years |
3 | File a fraudulent return | No limit |
4 | Do not file a return | No limit |
5 | File a claim for credit or refund after you filed your return | The later of 3 years or 2 years after tax was paid. |
6 | File a claim for a loss from worthless securities | 7 years |
Property: Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. You must keep these records to figure your basis for computing gain or loss when you sell or otherwise dispose of the property.
Generally, if you received property in a nontaxable exchange, your basis in that property is the same as the basis of the property you gave up. You must keep the records on the old property, as well as the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition.
Keeping records for nontax purposes: When your records are no longer needed for tax purposes, do not discard them until you check to see if they should be kept longer for other purposes. Your insurance company or creditors may require you to keep certain records longer than the IRS does.
There are many reasons to keep records. In addition to tax purposes, you may need to keep records for insurance purposes or for getting a loan. Good records will help you:
Basic records are documents that everybody should keep. These are the records that prove your income and expenses. If you own a home or investments, your basic records should contain documents related to those items.Table 2. Proof of Income and Expense
FOR items concerning your… | KEEP as basic records… |
Income | Form(s) W-2 Form(s) 1099 Bank statements Brokerage statements Form(s) K-1 |
Expenses | Sales slips Invoices Receipts Canceled checks or other proof of payment Written communications from qualified charities |
Home | Closing statements Purchase and sales invoices Proof of payment Insurance records Receipts for improvement costs |
Investments | Brokerage statements Mutual fund statements Form(s) 1099 Form(s) 2439 |
Your basic records prove the amounts you report as income on your tax return. Your income may include wages, dividends, interest, and partnership or S corporation distributions. Your records also can prove that certain amounts are not taxable, such as tax-exempt interest.
Note: If you receive a Form W-2, keep Copy C until you begin receiving social security benefits. This will help protect your benefits in case there is a question about your work record or earnings in a particular year. Review the information shown on your annual (for workers over age 25) Social Security Statement.
Your basic records prove the expenses for which you claim a deduction (or credit) on your tax return. Your deductions may include alimony, charitable contributions, mortgage interest, and real estate taxes. You also may have child care expenses for which you can claim a credit.
Your basic records should enable you to determine the basis or adjusted basis of your home. You need this information to determine if you have a gain or loss when you sell your home or to figure depreciation if you use part of your home for business purposes or for rent. Your records should show the purchase price, settlement or closing costs, and the cost of any improvements. They also may show any casualty losses deducted and insurance reimbursements for casualty losses. Your records also should include a copy of Form 2119, Sale of Your Home, if you sold your previous home before May 7, 1997, and postponed tax on the gain from that sale.
When you sell your home, your records should show the sales price and any selling expenses, such as commissions.
Your basic records should enable you to determine your basis in an investment and whether you have a gain or loss when you sell it. Investments include stocks, bonds, and mutual funds. Your records should show the purchase price, sales price, and commissions. They may also show any reinvested dividends, stock splits and dividends, load charges, and original issue discount (OID).
One of your basic records is proof of payment. You should keep these records to support certain amounts shown on your tax return. Proof of payment alone is not proof that the item claimed on your return is allowable. You also should keep other documents that will help prove that the item is allowable.
Generally, you prove payment with a cash receipt, financial account statement, credit card statement, canceled check, or substitute check. If you make payments in cash, you should get a dated and signed receipt showing the amount and the reason for the payment.
If you make payments by electronic funds transfer, you may be able to prove payment with an account statement.Table 3. Proof of Payment
IF payment is by… | THEN the statement must show the… |
Cash | Amount Payee’s name Transaction date |
Check | Check number Amount Payee’s name Date the check amount was posted to the account by the financial institution |
Debit or credit card | Amount charged Payee’s name Transaction date |
Electronic funds transfer | Amount transferred Payee’s name Date the transfer was posted to the account by the financial institution |
Payroll deduction | Amount Payee code Transaction date |
Account statements: You may be able to prove payment with a legible financial account statement prepared by your bank or other financial institution.
Pay statements: You may have deductible expenses withheld from your paycheck, such as union dues or medical insurance premiums. You should keep your year-end or final pay statements as proof of payment of these expenses.
This section is an alphabetical list of some items that require specific records in addition to your basic records.
If you receive or pay alimony, you should keep a copy of your written separation agreement or the divorce, separate maintenance, or support decree. If you pay alimony, you also will need to know your former spouse’s social security number.
You may be able to deduct certain expenses connected with the business use of your home. You should keep records that show the part of your home that you use for business and the expenses related to that use.
To deduct a casualty or theft loss, you must be able to prove that you had a casualty or theft. Your records also must be able to support the amount you claim.
For a casualty loss, your records should show:
For a theft loss, your records should show:
You must give the name, address, and taxpayer identification number for all persons or organizations that provide care for your child or dependent. You can use Form W-10, Dependent Care Provider’s Identification and Certification, or various other sources to get the information from the care provider. Keep this information with your tax records.
You must keep records to prove the contributions you make during the year. The kinds of records depend on whether the contribution is cash, noncash, or out-of-pocket expenses. For information on contributions and the records you must keep, see Publication 526, Charitable Contributions.
If you are under age 65, you must have your physician complete a statement certifying that you were permanently and totally disabled on the date you retired.
You do not have to file this statement with your Form 1040 or Form 1040A, but you must keep it for your records.
If the Department of Veterans Affairs (VA) certifies that you are permanently and totally disabled, you can substitute VA Form 21-0172, Certification of Permanent and Total Disability, for the physician’s statement you are required to keep.
If you have the records to prove your expenses, you may be entitled to claim certain tax benefits for your education expenses. You may qualify to exclude from income items such as a qualified scholarship, interest on U.S. savings bonds, or reimbursement from your employer. You also may qualify for certain credits or deductions. You should keep documents, such as transcripts or course descriptions, that show periods of enrollment and canceled checks and receipts that verify amounts you spent on tuition, books, and other educational expenses.
If you are claiming an exemption for your spouse or a dependent (a qualifying child or a qualifying relative), you must keep records that support the deduction.
If you have employee business expenses, see Publication 463, Travel, Entertainment, Gift, and Car Expenses, for a discussion of what records to keep.
If you want to claim one of the tax incentives for the purchase of energy-efficient products, you must keep records to prove:
The following documents may show this information.
You must keep an accurate diary of your winnings and losses that includes the:
For each qualified medical expense you pay with a distribution from your HSA or MSA, you must keep a record of the name and address of each person you paid and the amount and date of the payment.
Keep copies of the following forms and records until all distributions are made from your IRA(s).
Form 5498, IRA Contribution Information, or similar statement received for each year showing contributions you made, distributions you received, and the value of your IRA(s).
Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., received for each year you received a distribution.
Form 8606, Nondeductible IRAs, for each year you made a nondeductible contribution to your IRA or received distributions from an IRA if you ever made nondeductible contributions.
For a worksheet you can use to keep a record of yearly contributions and distributions, see Publication 590, Individual Retirement Arrangements (IRAs).
In addition to records you keep of regular medical expenses, you should keep records of transportation expenses that are primarily for and essential to medical care. You can record these expenses in a diary. You should record gas and oil expenses directly related to that transportation. If you do not want to keep records of your actual expenses, you can keep a log of the miles you drive your car for medical purposes and use the standard mileage rate. You should also keep records of any parking fees, tolls, taxi fares, and bus fares.
For information on medical expenses and the standard mileage rate, see Publication 502, Medical and Dental Expenses (Including the Health Coverage Tax Credit).
If you paid mortgage interest of $600 or more, you should receive Form 1098, Mortgage Interest Statement. Keep this form and your mortgage statement and loan information in your records. For information on mortgage interest, see Publication 936, Home Mortgage Interest Deduction.
You may be able to deduct qualified moving expenses that are not reimbursed. For more information on what expenses qualify and what records you need, see Publication 521, Moving Expenses.
Use the worksheet in your tax return instructions to figure the taxable part of your pension or annuity. Keep a copy of the completed worksheet until you fully recover your contributions. For information on pensions and annuities, see Publication 575, Pension and Annuity Income, or Publication 721, Tax Guide to U.S. Civil Service Retirement Benefits.
Form(s) W-2 and Form(s) 1099-R show state income tax withheld from your wages and pensions. You should keep a copy of these forms to prove the amount of state withholding. If you made estimated state income tax payments, you need to keep a copy of the form or your check(s).
You also need to keep copies of your state income tax returns. If you received a refund of state income taxes, the state may send you Form 1099-G, Certain Government Payments.
Keep mortgage statements, tax assessments, or other documents as records of the real estate and personal property taxes you paid.
If you deducted actual state and local general sales taxes instead of using the optional state sales tax tables, you must keep your actual receipts showing general sales taxes paid.
You must keep a daily record to accurately report your tips on your return. You can use Form 4070A, Employee’s Daily Record of Tips, which is found in Publication 1244, Employee’s Daily Record of Tips and Report to Employer, to record your tips.
by can-dan
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