Summary of the Reid Tax Relief, Unemployment Insurance
Reauthorization and Job Creation Act of 2010
I. Temporary Extension of Tax Relief
Two major bills enacting tax cuts for individuals expire at the end of 2010: the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA); and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA). The following package extends these provisions from EGTRRA and JGTRRA for an additional two years, through 2012, and will provide important tax relief to American taxpayers. The following package also extends a number of provisions enacted as part of EGTRRA that were modified in the American Recovery and Reinvestment Act.
Reductions in Individual Income Tax Rates
Temporarily extend the 10% bracket. Under current law, the 10% individual income tax bracket expires at the end of 2010. Upon expiration, the lowest tax rate will be 15%. This proposal extends the 10% individual income tax bracket for an additional two years, through 2012.
Temporarily extend the 25%, 28%, 33%, and 35% brackets. Under current law, the 25%, 28%, 33%, and 35% individual income tax brackets expire at the end of 2010. Upon expiration, the rates become 28%, 31%, 36%, and 39.6% respectively. This proposal extends the 25%, 28%, 33%, and 35% individual income tax brackets for an additional two years, through 2012.
If you need help go to www.BleifeldCPA.com and contact the firm.
Sunday, December 26, 2010
Wednesday, July 21, 2010
Friday, July 16, 2010
Theory of Employment - Larry Winget meets Selden/Colvin Angel Customers
I have been expanding a theory by the authors Winget, Selden and Colvin related to staffing and managing employees I thought you may be interested in.
In any company you have 20% of the worker who are great, 20% who are bad and 60% in the middle.
The Top 20%
These are workers you don't even have to manage. Just stay out of their way and try to make them happy. The top 20% probably do 50% of the work that gets done in a company. Unless you company is growing at a fast rate you will not be able to keep the top 20% long term as they are on such a fast track to success that they will eventually out grow the company.
The Middle 60%
These are worker who are average in every way. These are the workers who need the bulk of a managers time in training, review and mentoring to either motivate them into improve into the top 20% or show that they are actually a bottom 20% performer and should be replaced. The middle 60% contributes about 60% of the workload.
The Bottom 20%
These are the worker where most managers spend the bulk of their time. It is a waste for both you and the worker as you need to be focusing on getting the most out of your productive employees and not babysitting these jokers. The bottom 20% of workers should be put on notice and fired unless they move into one of the higher categories in a short time. They may be nice people, but they are not doing their fair amount of work. The bottom 20% probably contributes -10% of the workload as their errors and lack of diligence cause more work for the other two categories.
So that is the basics of the theory. My contention is that if a company does not fire the bottom 20% of employees and it is true that the top 20% leave then eventually you will end up with 50% or more of the employees in the bottom 20% of performance. I believe that unproductive workers, much like unproductive customers actually do negative work as they cause problems for the rest of your workers.
In any company you have 20% of the worker who are great, 20% who are bad and 60% in the middle.
The Top 20%
These are workers you don't even have to manage. Just stay out of their way and try to make them happy. The top 20% probably do 50% of the work that gets done in a company. Unless you company is growing at a fast rate you will not be able to keep the top 20% long term as they are on such a fast track to success that they will eventually out grow the company.
The Middle 60%
These are worker who are average in every way. These are the workers who need the bulk of a managers time in training, review and mentoring to either motivate them into improve into the top 20% or show that they are actually a bottom 20% performer and should be replaced. The middle 60% contributes about 60% of the workload.
The Bottom 20%
These are the worker where most managers spend the bulk of their time. It is a waste for both you and the worker as you need to be focusing on getting the most out of your productive employees and not babysitting these jokers. The bottom 20% of workers should be put on notice and fired unless they move into one of the higher categories in a short time. They may be nice people, but they are not doing their fair amount of work. The bottom 20% probably contributes -10% of the workload as their errors and lack of diligence cause more work for the other two categories.
So that is the basics of the theory. My contention is that if a company does not fire the bottom 20% of employees and it is true that the top 20% leave then eventually you will end up with 50% or more of the employees in the bottom 20% of performance. I believe that unproductive workers, much like unproductive customers actually do negative work as they cause problems for the rest of your workers.
Thursday, May 20, 2010
Form 1040X
Bleifeld CPA Tax Form of the Day
http://www.irs.gov/pub/irs-pdf/f1040x.pd
The 1040X is the way to ammend or correct a tax return. They are undated and can be used for multiple years. A friend of mine who insists doing his own taxes missed a 30k tax deduction for a theft loss. I had to explain to him about the 1040X and how he could refile and get his money back.
http://www.irs.gov/pub/irs-pdf/f1040x.pd
The 1040X is the way to ammend or correct a tax return. They are undated and can be used for multiple years. A friend of mine who insists doing his own taxes missed a 30k tax deduction for a theft loss. I had to explain to him about the 1040X and how he could refile and get his money back.
Tuesday, May 4, 2010
Tax form of the Day IRS Form 945
http://www.irs.gov/pub/irs-pdf/f945.pdf
Tax form of the day
This form is used to report withholding on non-wage tax withholding.
Use Form 945 to report withheld federal from nonpayroll payments. Nonpayroll
payments include:
• Pensions
• Military retirement
• Gambling winnings
• Indian gaming profits
• Voluntary withholding on certain government income tax withholding from pensions, annuities, and Indian gaming profits
• Backup withholding
Wednesday, April 21, 2010
Monday, April 12, 2010
Go Read Crush It today
Hello everybody. Just wanted everybody to read Crush It! by Gary Vaynerchuk if you have not done so yet. It is fantastic
Saturday, April 10, 2010
Texas Workforce commissions Due Dates and Instructions
If you have a business in Texas the first quarter report is due April 30th. If you have Bleifeld CPA as your financial adviser it would be taken care of automatically.
WWW.BleifeldCPA.com
TWC Tax Report/Remittance Due Dates
and
Mailing Instructions
Due Dates for Employers' Quarterly Report and Remittance:
| For Wages Paid During | Calendar Qtr. Ends | Due | Must be Filed/Paid By |
|---|---|---|---|
| Jan, Feb, Mar | March 31 | April 1 | April 30 |
| Apr, May, Jun | June 30 | July 1 | July 31 |
| Jul, Aug, Sep | September 30 | October 1 | October 31 |
| Oct, Nov, Dec | December 31 | January 1 | January 31 |
Due Dates for Annual Domestic Employer's Report and Remittance:
Quarterly reports and taxes become due on January 1 and are required to be reported and paid no later than January 31 with respect to wages for employment paid in the preceding calendar year. The employer will file their quarterly reports on one combined form which is mailed to the employer in December of each year.
Important Note:
If the past due date for a report or tax payment falls on Saturday, Sunday or a legal holiday on which Commission offices are closed, reports and payments are considered timely if they are received on or before the following business day.
Mail Reports and Remittance To:
Cashier - Texas Workforce Commission
P.O. Box 149037
Austin, TX 78714-9037
P.O. Box 149037
Austin, TX 78714-9037
Friday, April 9, 2010
Hire a New Employee - Keep the Social Security
You may be able to save some money on new hires this year. See the IRS below.
http://www.bleifeldcpa.com/
Two New Tax Benefits Aid Employers Who Hire and Retain Unemployed Workers
IR-2010-33, March 18, 2010
WASHINGTON — Two new tax benefits are now available to employers hiring workers who were previously unemployed or only working part time. These provisions are part of the Hiring Incentives to Restore Employment (HIRE) Act enacted into law today.
Employers who hire unemployed workers this year (after Feb. 3, 2010 and before Jan. 1, 2011) may qualify for a 6.2-percent payroll tax incentive, in effect exempting them from their share of Social Security taxes on wages paid to these workers after March 18, 2010. This reduced tax withholding will have no effect on the employee’s future Social Security benefits, and employers would still need to withhold the employee’s 6.2-percent share of Social Security taxes, as well as income taxes. The employer and employee’s shares of Medicare taxes would also still apply to these wages.
In addition, for each worker retained for at least a year, businesses may claim an additional general business tax credit, up to $1,000 per worker, when they file their 2011 income tax returns.
“These tax breaks offer a much-needed boost to employers willing to expand their payrolls, and businesses and nonprofits should keep these benefits in mind as they plan for the year ahead,” said IRS Commissioner Doug Shulman.
The two tax benefits are especially helpful to employers who are adding positions to their payrolls. New hires filling existing positions also qualify but only if the workers they are replacing left voluntarily or for cause. Family members and other relatives do not qualify.
In addition, the new law requires that the employer get a statement from each eligible new hire certifying that he or she was unemployed during the 60 days before beginning work or, alternatively, worked fewer than a total of 40 hours for someone else during the 60-day period. The IRS is currently developing a form employees can use to make the required statement.
Businesses, agricultural employers, tax-exempt organizations and public colleges and universities all qualify to claim the payroll tax benefit for eligible newly-hired employees. Household employers cannot claim this new tax benefit.
Employers claim the payroll tax benefit on the federal employment tax return they file, usually quarterly, with the IRS. Eligible employers will be able to claim the new tax incentive on their revised employment tax form for the second quarter of 2010. Revised forms and further details on these two new tax provisions will be posted on IRS.gov during the next few weeks.
IRS link
http://www.bleifeldcpa.com/
Two New Tax Benefits Aid Employers Who Hire and Retain Unemployed Workers
IR-2010-33, March 18, 2010
WASHINGTON — Two new tax benefits are now available to employers hiring workers who were previously unemployed or only working part time. These provisions are part of the Hiring Incentives to Restore Employment (HIRE) Act enacted into law today.
Employers who hire unemployed workers this year (after Feb. 3, 2010 and before Jan. 1, 2011) may qualify for a 6.2-percent payroll tax incentive, in effect exempting them from their share of Social Security taxes on wages paid to these workers after March 18, 2010. This reduced tax withholding will have no effect on the employee’s future Social Security benefits, and employers would still need to withhold the employee’s 6.2-percent share of Social Security taxes, as well as income taxes. The employer and employee’s shares of Medicare taxes would also still apply to these wages.
In addition, for each worker retained for at least a year, businesses may claim an additional general business tax credit, up to $1,000 per worker, when they file their 2011 income tax returns.
“These tax breaks offer a much-needed boost to employers willing to expand their payrolls, and businesses and nonprofits should keep these benefits in mind as they plan for the year ahead,” said IRS Commissioner Doug Shulman.
The two tax benefits are especially helpful to employers who are adding positions to their payrolls. New hires filling existing positions also qualify but only if the workers they are replacing left voluntarily or for cause. Family members and other relatives do not qualify.
In addition, the new law requires that the employer get a statement from each eligible new hire certifying that he or she was unemployed during the 60 days before beginning work or, alternatively, worked fewer than a total of 40 hours for someone else during the 60-day period. The IRS is currently developing a form employees can use to make the required statement.
Businesses, agricultural employers, tax-exempt organizations and public colleges and universities all qualify to claim the payroll tax benefit for eligible newly-hired employees. Household employers cannot claim this new tax benefit.
Employers claim the payroll tax benefit on the federal employment tax return they file, usually quarterly, with the IRS. Eligible employers will be able to claim the new tax incentive on their revised employment tax form for the second quarter of 2010. Revised forms and further details on these two new tax provisions will be posted on IRS.gov during the next few weeks.
IRS link
Great Book about Wall Street
Wanted to write today about a fantastic book about Wall Street. The book by Michael Lewis (who would go on to write The Blindside) gives an inside view of the crazy goings on at Salomon Brothers at the beginning of the mortgage industry being commoditized.
Read this book you will thank me later.
Read this book you will thank me later.
Monday, March 1, 2010
Bleifeld CPA newsletter Article
Do You Qualify for Hobby Loss Deductions?
For many individuals, a personal passion can turn into a money-making endeavor. It makes a big tax difference if the activity is treated as a business or a hobby.
Here's why: When you operate a business, you can claim a tax loss to the extent your annual expenses exceed your income. In fact, it is not unusual to run losses the first few years of operation. You can use a loss from a sideline business to offset other highly taxed income on your personal tax return, such as wages from your full-time job or investment earnings.
On the other hand, if the activity is one in which you are not engaged in for profit
(i.e., it's a hobby), your expenses are deductible only up to the amount of the income received from the activity. In other words, you cannot claim a tax loss. For this purpose, deductions must be claimed against your hobby income in the following order:
(1) expenses that would otherwise be deductible (e.g., taxes, interest or casualty losses), (2) operating expenses other than depreciation and (3) depreciation and other basis adjustment items.
Furthermore, if an activity is classified as a hobby, the expenses must be deducted as miscellaneous expenses. Miscellaneous expenses are deductible only to the extent the annual total exceeds 2% of your AGI. So you may end up with little or no tax benefit from your hobby expenses.
The distinction is often contested in the courts. Although each case is decided on its own merits, the following factors are critical:
*The manner in which the taxpayer carries out the activity.
*The expertise of the taxpayer, or his or her advisers.
*The time and effort expended by the taxpayer in carrying out the activity.
*Expectations that assets used in the activity may appreciate in value.
*The success of the taxpayer in carrying out other similar or dissimilar activities.
*The taxpayer's history of income or losses with respect to the activity.
*The amount of occasional profits, if any, that are earned.
*The financial status of the taxpayer.
*Any elements of personal pleasure or recreation.
No single factor on its own is conclusive. But if the factors are heavily weighted in one direction, it can make or break your case.
Key point: The tax law presumes that an activity is not a hobby if you have shown a profit in any three out of the last five consecutive years. This tax presumption is even more lenient for an activity involving the breeding, training, showing or racing of horses. In that case, the activity is presumed to be a business--not a hobby--if it shows a profit in only two of the last seven consecutive years.
Of course, the IRS can rebut the tax law presumption by offering proof that the activity is actually a hobby. Keep detailed records.
Bottom line: Make sure you are standing on firm ground if you claim hobby loss deductions. A professional tax adviser can provide assistance.
WWW.BLEIFELDCPA.COM
http://www.bleifeldcpa.com/articles/mar_2010_03.htm
Here's why: When you operate a business, you can claim a tax loss to the extent your annual expenses exceed your income. In fact, it is not unusual to run losses the first few years of operation. You can use a loss from a sideline business to offset other highly taxed income on your personal tax return, such as wages from your full-time job or investment earnings.
On the other hand, if the activity is one in which you are not engaged in for profit
(i.e., it's a hobby), your expenses are deductible only up to the amount of the income received from the activity. In other words, you cannot claim a tax loss. For this purpose, deductions must be claimed against your hobby income in the following order:
(1) expenses that would otherwise be deductible (e.g., taxes, interest or casualty losses), (2) operating expenses other than depreciation and (3) depreciation and other basis adjustment items.
Furthermore, if an activity is classified as a hobby, the expenses must be deducted as miscellaneous expenses. Miscellaneous expenses are deductible only to the extent the annual total exceeds 2% of your AGI. So you may end up with little or no tax benefit from your hobby expenses.
The distinction is often contested in the courts. Although each case is decided on its own merits, the following factors are critical:
*The manner in which the taxpayer carries out the activity.
*The expertise of the taxpayer, or his or her advisers.
*The time and effort expended by the taxpayer in carrying out the activity.
*Expectations that assets used in the activity may appreciate in value.
*The success of the taxpayer in carrying out other similar or dissimilar activities.
*The taxpayer's history of income or losses with respect to the activity.
*The amount of occasional profits, if any, that are earned.
*The financial status of the taxpayer.
*Any elements of personal pleasure or recreation.
No single factor on its own is conclusive. But if the factors are heavily weighted in one direction, it can make or break your case.
Key point: The tax law presumes that an activity is not a hobby if you have shown a profit in any three out of the last five consecutive years. This tax presumption is even more lenient for an activity involving the breeding, training, showing or racing of horses. In that case, the activity is presumed to be a business--not a hobby--if it shows a profit in only two of the last seven consecutive years.
Of course, the IRS can rebut the tax law presumption by offering proof that the activity is actually a hobby. Keep detailed records.
Bottom line: Make sure you are standing on firm ground if you claim hobby loss deductions. A professional tax adviser can provide assistance.
WWW.BLEIFELDCPA.COM
http://www.bleifeldcpa.com/articles/mar_2010_03.htm
TAX ADVICE DISCLAIMER: In accordance with IRS Circular 230, any tax advice included in this communication, including attachments, is not intended or written to be used, and cannot be used by you or any other person or entity, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, nor may any such advice be used to promote, market or recommend to another party any transaction or matter addressed within this communication. If you would like such advice, please contact us.
Wednesday, February 3, 2010
Missing the 1099 Deadline
Today is February 2nd 2010 and is you are a business required to file 1099's and you have not sent them out. You are late.
Get them done quickly and out the door.
Some tips.
During the year be sure to collect W-9s and W-8s so you do not have to withhold taxes and make the 1099 process much easier. Also make a rule that you do not pay without a W-9 (Domestic US) or W-8 (Foreign) in hand.
Spell the name on the form exactly right. (I once had a form rejected due to the capitalization of the Company MunGo!
Get them done quickly and out the door.
Some tips.
During the year be sure to collect W-9s and W-8s so you do not have to withhold taxes and make the 1099 process much easier. Also make a rule that you do not pay without a W-9 (Domestic US) or W-8 (Foreign) in hand.
Spell the name on the form exactly right. (I once had a form rejected due to the capitalization of the Company MunGo!
Thursday, January 28, 2010
2010 Tax Calendar
| January 2010 | |
| January 1 | Category: Employers (Payroll Taxes) Stop advance credit of the earned income credit for any employee not submitting a new Form W-5. |
| January 11 | Category: Employees who work for tips Employees who work for tips. If you received $20 or more in tips during December 2009, report them to your employer. You can use Form 4070 Employee's Report of Tips to Employer. |
| January 15 | Category: Business Owners Farmers and Fisherman: Pay your estimated tax for 2009. Use Form 1040-ES. |
| Category: Employers (Payroll Taxes) Employers - Deposit payroll tax for December 2009 if the monthly deposit rule applies. | |
| Category: Individuals Individuals- Pay the final installment of your 2009 estimated tax. Use Form 1040-ES. | |
| February 2010 | |
| February 1 | Category: Business Owners Furnish Forms 1098, 1099, and W-2G to recipients for certain payments made during 2009, and Form W-2 to employees who worked for you during 2009. Deposit FUTA tax owed through December 2009. File 2009 Forms 940, 941, 943 944 and/or 945 if you did not deposit all taxes when due. |
| File form 730 and pay the tax on wagers accepted during December 2009. File Form 2290 and pay the tax on vehicles first used in December 2009. | |
| Category: Employers (Payroll Taxes) File Form 720 for the 4th quarter of 2009. | |
| February 10 | Category: Employees who work for tips 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 Employee's Report of Tips to Employer. |
| Category: Employers (Payroll Taxes) Employers - File 2009 Forms 940, 941, 943, 944 and/or 945 if you timely deposited all required payments. | |
| February 15 | Category: Individuals File a new Form W-4 if you claimed exemption from income tax withholding in 2009. |
| February 16 | Category: Business Owners Furnish forms 1099-B, 1099-S and certain 1099-MISC to recipients. |
| Category: Employers (Payroll Taxes) Deposit Payroll tax for January if the monthly deposit rule applies | |
| Employers: Begin withholding on employees who claimed exemption from withholding in 2009 but did not file a W-4 to continue withholding exemption in 2010. | |
| March 2010 | |
| March 1 | Category: Business Owners Farmers and Fishermen: File 2009 Form 1040 and pay any tax due. However, you have until Apr 15 to file if you paid your 2009 estimated tax payments by Jan 15, 2010 |
| File information returns, including Forms 1098, 1099 and W-2G, for payments made during 2009. File Form 730 and pay the tax on wagers accepted during January. File Form 2290 and pay the tax for vehicles first used in January. File Form 8027 if you are a large food or beverage establishment. | |
| Category: Employers (Payroll Taxes) File Form W-3 with Copy A of all Forms W-2 you issued for 2009. | |
| March 10 | Category: Employees who work for tips 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 Employee's Report of Tips to Employer. |
| March 15 | Category: Corporations Corporations: File Form 1120 for 2009 calendar year and pay any tax due. For automatic 6-month extension File Form 7004 and deposit estimated tax. |
| Category: Employers (Payroll Taxes) Deposit payroll tax for February if the monthly deposit rule applies. | |
| Category: Partnerships Electing Large Partnerships: Furnish Sch. K-1 (Form 1065-B) to each partner. | |
| Category: S Corporations S Corporations: File Form 1120S for 2009 calendar year and pay an tax due. Provide shareholders with a copy of Sch. K-1. | |
| S Corporation elections: File Form 2553 to elect S Corporation status beginning with calendar year 2010. | |
| March 31 | Category: Business Owners Electronically file Forms W-2, W-2G, 1098, 1099, and 8027. File Form 730 and pay the tax on wagers accepted during February. File Form 2290 and pay the tax for vehicles first used in February. |
| April 2010 | |
| April 12 | Category: Employees who work for tips Employees: 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 Employee's Report of Tips to Employer. |
| April 15 | Category: Corporations Corporations: Deposit the first installment of your estimated tax for 2010. |
| Category: Employers (Payroll Taxes) Deposit Payroll tax for March if the monthly deposit rule applies. | |
| Category: Household Employers Household employers: File Schedule H with Form 1040 if you paid $1,700 or more to a household employee. | |
| Category: Individuals File applicable 2009 form 1040, 1040A or 1040EZ. For automatic 6-month extension file Form 4868 and deposit estimated tax. Pay the first installment of 2010 estimated tax. | |
| Category: Partnerships File 2009 form 1065 and provide each partner with a copy of Sch. K-1. Electing Large Partnerships: File 2009 Form 1065 calendar year return | |
| April 30 | Category: Business Owners File Form 730 and pay the tax on wagers accepted during March. File Form 2290 and pay the tax on vehicles first used in March. |
| Category: Employers (Payroll Taxes) File Form 941 for the first quarter of 2010. File Form 720 for the 1st quarter of 2010. Deposit FUTA tax owed through March if more than $500. | |
| May 2010 | |
| May 10 | Category: Employees who work for tips 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 Employee's Report of Tips to Employer. |
| May 17 | Category: Employers (Payroll Taxes) Deposit Payroll tax for April if the monthly deposit rule applies. |
| June 2010 | |
| June 1 | Category: Business Owners File Form 730 and pay the tax on wagers accepted during April. File Form 2290 and pay the tax for vehicles first used in April. |
| June 10 | Category: Employees who work for tips 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 Employee's Report of Tips to Employer. |
| June 15 | Category: Corporations Corporations: Deposit the second installment of your estimated tax for 2010. |
| Category: Employers (Payroll Taxes) Deposit Payroll tax for May if the monthly deposit rule applies. | |
| Category: Individuals Individuals outside the U.S.: File 2009 Form 1040. Individuals: Pay the second installment of extimated tax for 2010. | |
| June 30 | Category: Business Owners File Form 730 and pay the tax on wagers accepted during May. File Form 2290 and pay the tax for vehicles first used in May. |
| July 2010 | |
| July 1 | Category: Business Owners File Form 11-C to register and pay annual tax if you are in the business of wagers. |
| July 12 | Category: Employees who work for tips 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 Employee's Report of Tips to Employer. |
| July 15 | Category: Employers (Payroll Taxes) Deposit Payroll tax for June if the monthly deposit rule applies. |
| August 2010 | |
| August 2 | Category: Business Owners File Form 730 and pay the tax on wagers accepted during June. File Form 720 for the 2nd quarter of 2010. File Form 2290 and pay the tax for vehicles first used in June. |
| Category: Employers (Payroll Taxes) Employers - File Form 5500 or 5500-EZ for 2009. Deposit FUTA owed through June if more than $500. File Form 941 for the 2nd quarter of 2010. | |
| August 10 | Category: Employees who work for tips 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 Employee's Report of Tips to Employer. |
| Category: Employers (Payroll Taxes) File Form 941 for the second quarter of 2010 if you timely deposited all required payments. | |
| August 16 | Category: Employers (Payroll Taxes) Deposit Payroll tax for July if the monthly deposit rule applies. |
| August 31 | Category: Business Owners File Form 730 and pay tax on wagers accepted during July. File Form 2290 and pay the tax for vehicles first used during July. |
| September 2010 | |
| September 10 | Category: Employees who work for tips 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 Employee's Report of Tips to Employer. |
| September 15 | Category: Corporations Corporations: File calendar year 2009 Form 1120 or 1120S if you timely requested a 6-month extension. Deposit third installment of your 2010 estimated tax. |
| Category: Employers (Payroll Taxes) Deposit Payroll tax for August if the monthly deposit rule applies. | |
| Category: Individuals Individuals: Pay the third installment of your estimated tax for 2010. | |
| Category: Partnerships File 2009 Form 1065 if you timely requested a 5-month extension. | |
| September 30 | Category: Business Owners File Form 730 and pay the tax on wagers accepted during August. File Form 2290 and pay the tax for vehicles first used in August. |
| October 2010 | |
| October 12 | Category: Employees who work for tips 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 Employee's Report of Tips to Employer. |
| October 15 | Category: Employers (Payroll Taxes) File 2009 Form 5500 if you timely requested an extension on Form 5558. |
| Deposit Payroll tax for September if the monthly deposit rule applies. | |
| Category: Individuals Individuals: File 2009 Form 1040, 1040A or 1040 EZ if you timely requested a 6-month extension | |
| Category: Partnerships Partnerships: File your 2009 tax return if you were given a 6-month extension. Electing Large Partnerships: File 2009 Form 1065 if you timely requested a 6 month extension. | |
| November 2010 | |
| November 1 | Category: Business Owners File Form 730 and pay tax on wagers accepted during September. File Form 2290 and pay tax for vehicles first used during September. |
| Category: Employers (Payroll Taxes) File Form 720 for the 3rd quarter of 2010. File Form 941 for the 3rd quarter of 2010. Deposit FUTA owed through September if more than $500 | |
| November 10 | Category: Employees who work for tips 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 Employee's Report of Tips to Employer. |
| Category: Employers (Payroll Taxes) File form 941 for the third quarter of 2010 if you timely deposited all required payments. | |
| November 15 | Category: Employers (Payroll Taxes) Deposit Payroll tax for October if the monthly deposit rule applies. |
| November 30 | Category: Business Owners File Form 730 and pay tax on wagers accepted during October. File Form 2290 and pay tax for vehicles first used during October. |
| December 2010 | |
| December 10 | Category: Employees who work for tips 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 Employee's Report of Tips to Employer. |
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