Tax Information (Forms, Publications, etc.):
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Add or increase contributions to your retirement accounts if you have a 401(k) plan at work and haven't maxed out contributions for this year. Check with your benefits and payroll offices about putting in some more money for the current year.
Give to your favorite charity by donating to your favorite nonprofit. If you itemize, you can deduct your gift.
Sell losing stocks by December 31 and you can use that loss amount to offset any capital gains you earned in the current year. Even if you have no gains, you still can use up to $3,000 of your capital losses to reduce your ordinary taxable income.
To for more detailed review of your individual federal and state taxes, contact Lesesne Associates Inc today for a free consultation.
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Buy a business vehicle. New heavy SUVs put in service in 2011 are entitled to a huge tax break: You can write off 100% of the cost if no personal use is made of the vehicle. SUVs must have loaded gross vehicle weights over 6,000 pounds to qualify for this break. (Used SUVs don't get bonus depreciation). For lighter vehicles, the maximum write-off in the first year is $11,060.
Set up a retirement plan. Self-employed business owners may save money in tax-deferred retirement plans more so than rank-and-file workers. In 2011, you can contribute up to $49,000 to a SEP IRA or a solo 401(k) plan. If you're 50 or older, you may contribute an extra $5,500 in catch-up contributions to a solo 401(k) plan (but not a SEP). Although you don't have to fund your 401(k) until you file your 2011 tax return (including any extensions), you must establish a plan by December 31 to be able to deduct your contributions on your 2011 return. You may set up and fund a SEP as late as your tax-return filing date, which is April 17, 2012, for 2011, or October 15, 2012, if you file for an extension.
To for more detailed review of your business taxes, contact Lesesne Associates Inc today for a free consultation.
The following articles will help you gain a better understanding of what outsourcing means and determine whether outsourcing is right for you.
Top Ten Outsourcing Survey - Executive Survey: The Outsourcing Institute's Annual Survey of Outsourcing End Users
Outsourcing Accounting Services
By Manan Kumar
January 15, 2012
Individuals - Deposit fourth installment of estimated income tax for 2011, accompanied by Form 1040-ES.
Corporations and S-corporations (years ending October 31, 2011) - File U.S. Corporation Income Tax Return, Form 1120, or U.S. Income Tax Return for an S Corporation, Form 1120S, or an application for extension of time to file, and pay the balance of the income tax, if any.
Trusts - Deposit fourth installment of estimated tax for 2011, accompanied by Form 1041-ES.
January 31, 2012
Employers - Give employees their copies of Wage & Tax Statements, Form W-2, and suppliers Form 1099 for 2011. File Annual Return of Withheld Federal Income Tax, Form 945, to report income tax withheld for 2011 on all non-payroll items, including backup withholding and withholding on pensions, annuities, gambling winnings and payments of Indian gaming profits to tribal members. File Employer's Quarterly Federal Tax Return, Form 941, for the fourth quarter of 2011. File Employer's Annual Federal Unemployment (FUTA) Tax Return, Form 940 or 940-EZ for 2011.
February 15, 2012
Corporations and S-corporations (years ending November 30, 2011) - File U.S. Corporation Income Tax Return, Form 1120, or U.S. Income Tax Return for an S Corporation, Form 1120S, or an application for extension of time to file, and pay the balance of the income tax, if any.
Employers - File Transmittal of Income and Tax Statements, Form W-3, and related Wage and Tax Statements, Forms W-2, with the Social Security Administration. File Annual Summary and Transmittal of U.S. Information Returns, Form 1096, and related Forms 1099 and 1098 with IRS.
March 15, 2012
Corporations and S-corporations (years ending December 31, 2011) - File U.S. Corporation Income Tax Return, Form 1120, or U.S. Income Tax Return for an S Corporation, Form 1120S, or an application for extension of time to file, and pay the balance of the income tax, if any.
April 15, 2012
Individuals - Deposit first installment of estimated income tax for 2012, accompanied by Estimated Tax for Individuals, Form 1040-ES. File U.S. Individual Income Tax Return, Form 1040, or application for extension of time to file, for 2011 with IRS and pay any tax due.
Trusts - Deposit first installment of estimated tax for 2012, accompanied by Estimated Income Tax for Fiduciaries, Form 1041-ES. File U.S. Income Tax Return for Estates and Trusts, Form 1041, or file an application for extension of time to file, for 2011 with IRS and pay any tax due. If extended, the return will be due September 15, 2012.
Partnerships - File U.S. Partnership Return of Income, Form 1065, or application for extension of time to file, for 2011 with IRS. If extended, the return will be due September 15, 2012.
Corporations and S-corporations (years ending January 31, 2012) - File U.S. Corporation Income Tax Return, Form 1120, or U.S. Income Tax Return for an S Corporation, Form 1120S, or an application for extension of time to file, and pay the balance of the income tax, if any.
Employers - File Employers Quarterly Federal Tax Return, Form 941 for the first quarter of 2012. Deposit any undeposited tax. Also file and pay any state taxes.
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