October Newsletter 2015

Featured Articles for October 2015

Is Canceled Debt Taxable?
Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. There are, however, some exceptions. Here’s what you need to know.

Lending Money? Make it a Tax-Smart Loan
Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. Learn why it pays to plan ahead before you loan money to a friend or family member and how to avoid tax complications down the road.

Tax Benefits for Higher Education
Many tax benefits are available to help you pay higher education costs. Find out how you can take advantage of these benefits to ease the financial burden of paying for education, whether for your children or yourself.

Tax Due Dates

October 13

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.

October 15

Individuals – If you have an automatic 6-month extension to file your income tax return for 2014, file Form 1040, 1040A, or 1040EZ and pay any tax, interest, and penalties due.

Electing Large Partnerships – File a 2014 calendar year return (Form 1065-B). This due date applies only if you were given an additional 6-month extension. See March 16 for the due date for furnishing the Schedules K-1 to the partners.

Employers (non-payroll withholding) – If the monthly deposit rule applies, deposit the tax for payments in September.

Employers (Social Security, Medicare, and withheld income tax) – If the monthly deposit rule applies, deposit the tax for payments in September.

November 2

Employers – Social Security, Medicare, and withheld income tax. File form 941 for the third quarter of 2015. 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 November 10th file the return.

Certain Small Employers – Deposit any un-deposited tax if your tax liability is $2,500 or more for 2015 but less than $2,500 for the third quarter.

Employers – Federal Unemployment Tax. Deposit the tax owed through September if more than $500.

Tax Tips

Tax Tips for Divorced or Separated Individuals

Hold On to Your Tax Returns

Reporting Gambling Income and Losses

Tax Tips for Starting a Business

Quickbook Tips

Customize Forms for a More Professional Image

 

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